Developer: Construction of Pearl Horizon completed end-2018

The construction of the high-end residence Pearl Horizon is slated for completion by the end of 2018, despite pending approval of the extension of land use deadline for the site possibly delaying the project, the manager of developer Polytex Corporation Ltd. Chan Sai Tin said last week. Mr. Chan made the remarks during a meeting with property owners, who voiced concerns over the progress of the waterfront property project in Areia Preta on the Macau Peninsula. The 25-year land use term of the Pearl Horizon project expires on December 26 this year. Saying that the company had already applied for the extension of the land use period in February, Mr. Chan acknowledged that the project could be suspended if the government cannot issue an approval for the land use extension on time. However, the Polytex manager was optimistic that Pearl Horizon can be completed by the end of 2018, given the company believes the government will approve the land use extension soon. The developer was issued a construction permit for the project in August, 2014 after spending three years completing an environmental assessment report on the project. Currently, more than 70 per cent of the foundation works of Pearl Horizon have seen completed, Mr. Chan told property owners. Polytex’s parent firm in Hong Kong, Polytec Group, said in May that the company planned to re-launch the presale programme for Pearl Horizon next year. Off-plan sales of the project were previously put on hold since the new laws on property sales activities became effective on June 1, 2013.