Macau | Sniper Capital confirms buyers of Senado Square mall project

Sniper Capital Limited confirmed to MNA on Friday that the new owners of the HK$800 million Senado Square retail redevelopment project are Ardent Success Limited and City Universe Limited

Macau (MNA) – Sniper Capital Limited confirmed to Macau News Agency (MNA) on Friday that the new owners of the HK$800 million Senado Square retail redevelopment project are Ardent Success Limited and City Universe Limited.

“The buyers are as per the parties announced in the first filing with the London Stock Exchange,” said Doris Boo, Sniper Capital’s manager in Singapore.

The flagship property of Macau Property Opportunities Fund Limited (MPO), a closed-end investment fund managed by Sniper, is located next to the Post Office headquarters in downtown Macau.

According to a previous report from MNA, when the company announced that MPO’s shareholders have approved the sale of the property on March 19, 2018, the potential buyers as first announced in the deeds related to the transaction had not been confirmed.

According to Mingtiandi, a specialised Asian real estate publication, City Universe Limited is a wholly-owned subsidiary of China State Construction International (CSCI), while Ardent Success Limited is said to be directed by Cai Yusheng, a mainland China investor also active in the Hong Kong real estate market.

Boo further confirmed to MNA that the receipt of the sales proceeds for the project have been finalised, with the receipt of the remaining sales proceeds of HK$785 million announced on April 12.

The retail development project, whose land was originally acquired in October 2007, had received approval for its architectural concept in December 2016, with detailed plans afterward submitted to the Land, Public Works and Transport Bureau (DSSOPT), following extensive work with experts of the Cultural Affairs Bureau (IC).

Original plans for the site included the development of nearly 68,000 square feet of modern retail and food and beverage space. It is currently unknown if the new buyers will proceed with the original development idea.

Following the completion of MPO’s divestment of Senado Square, located in a UNESCO-protected zone and central tourist area of the city, the Fund continues to own sundry luxury real estate developments in the city, including the Fountainside, the Waterside – located in Tower 6, One Central Residences – and the Estrada da Penha.

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