Macau (MNA) – Real estate developer Yoho Group Limited has started advertising pre-sales for its luxury residential project Co-Tai Marina Bay currently being developed by the group at the Pousada Marina Infante land plot in Cotai.
The project is being developed in the Cotai land plot in Avenida Marginal Flor de Lotus and Avenida dos Jogos da Ásia owned by International Marina Club (Macau) – Entertainment and Investments Company Limited, a company managed by veteran legislator Vitor Cheung Lup Kwan.
Information provided by the Yoho Group indicates that the project includes two towers (on the right of the top photo), a 115 meters high residential tower building with 388 residential units, and a commercial office building tower with about the same height.
The company also plans the construction of a Yacht Club and the only private yacht villas in Cotai.
The project will also include a shopping mall with 24 ground shops, plus a luxury clubhouse with about 232 square metres, including indoor swimming pools and outdoor tennis courts.
The company was also granted a Land, Public Works and Transport Bureau (DSSOPT) license to conduct pre-sales in 2018, with housing units able to already be occupied in the last quarter of 2020, depending on the public works department approval.
Several property agencies have also started advertising the sale of residences in the project on social media, with Centaline Macau stating sales will start in the second half of this year.
Commercial real estate services firm JLL is connected to the project but when contacted by MNA it stated it will not be responsible for the project pre-sales but for the property management.
The Yoho Group website also mentions that the two buildings on the left side of the Pousada Marina Infante are to become the England Marina Club Hotel, which would include a boutique hotel and a theme hotel but with no more information on those projects provided.
The company website also includes several contacts for information but after MNA contacted the company to inquire on proposed sale prices and other information, the group only replied that the project was still under development and that it was not the “appropriate time” to discuss it, with the company to wait for “a better timing on the market” and a “better economic environment” to disclose further information.
However, the group has already launched a website promoting the project and installed several advertisement billboards around the construction area.
MNA also contacted International Marina Club and the office of legislator Vitor Kwan but no comment on the projects was provided.
The office and residential projects are said to have been designed by King Honor International Design Consultancy Limited.
While some promotional materials the Yoho Group names the project Co-Tai Galaxy Bay in its promotional website the company describes it as Co-Tai Marina Bay.
MNA questioned Galaxy Entertainment Group (GEG) if any contact was made by the gaming operator for the name to be changed, due to the luxury project being on the proximity of its Galaxy Macau property, but no response was provided when this article was published.
According to DSSOPT information, a construction license was provided last year for the first phase of a residential, commercial and office project in the land plot owned by International Marina Club, informing that authorization was given for a 115.7 meters high building comprising of two towers and 34 floors, occupying some 52,666 square meters.
The DSSOPT documents show that project is to have 31,419 square meters for residential units, 2,860 square meters for commercial operations and 2,492 square meters for parking.
Authorisation was also provided to build 380 studio apartments, 58 one bedroom apartments, 87 apartments with two separate bedrooms plus a living room, two three bedroom units, one four-bedroom unit, 22 five bedroom units, and one T6, T7, and T8 units.
The Yoho Group has been involved in the development of the Macau Roosevelt Hotel at the Macau Jockey Club land plot; the Yoho Twins and the Taipa Hills Memorial Garden.
According to property information, the Yoho Group was previously managed and owned by Mike Lam In Wai and Ao Mio Leong, but was later sold in May, 2019 to a company registered in the Marshall Islands named Key Success Limited, but with Ms.Ao remaining as the company’s representative.
Meanwhile, company information from International Marina Club shows that besides Vitor Kwan, the company is managed by Jorge Chao de Almeida and Chio Kam Vai.
International Marina Club agreed in 2018 to relinquish part of a land concession in Taipa to the MSAR Government, and develop the remaining under its concession.
The land has been owned by International Marina Club since 1996, with only part of the land having been developed for the construction of a hotel, the existing Pousada Marina do Infante, with the company obliged by the initial concession agreement to develop a marina and several commercial and hotel projects in the area.
After the revision by the government, International Marina Club gave up a 38,026 square metre section the original 107,573 square metres land plot to the Macau government, which now plans to develop 2,000 public housing units, with an additional area of 12,155 square metres to be transformed into public areas.
The revised concession contract held by International Marina Club is valid until November 19, 2021, and is subject to renewal.