Real estate group Jiayuan International Group has initiated works to develop its Ocean Hill residential project near Avenida Dr. Sun Yat-Sen in Taipa.
The Jiangsu-based property developer bought two land plots in Taipa worth HK$3.5 billion (US$447.3 million) in December 2017 – at the time a record-breaking transaction in Macau from San Kin Tai Property Development, a company held in part by local businessman William Kwan Wai Lam.
According to information consulted on the construction site by Macau News Agency, the Land, Public Works and Transport Bureau (DSSOPT) has already provided a license in December, 2020 for foundation works lasting until 2022.
The project in the 5,597 square meters land plot is expected to have some 60,969 square meters in gross floor area and is expected to be finished by the last quarter of 2022, according to the latest Jianyuan financial report.
MNA inquired the group for more information on the number of residential units to be included in the project, with a response not sent by the time this article was published.
The Jiangsu conglomerate previously indicated that since 2016 it has ‘taken the lead in entering Guangdong-Hong Kong-Macau Greater Bay Area’ by successively obtaining a number of projects in Shenzhen, Jiangmen and Macau.