The high-end housing project in Hengqin marketed as ‘Sea of Dreams’ is to be the first of its kind to see the completion of a shopping centre in the housing complex by summer next year, although further clarification on the imports and exports taxation benefit policy is still the issue to be resolved for the shop leasing process, Business Daily has learnt.
Land Master Group, a property management and consultancy service established in Hong Kong operating here and in Zhuhai says that the company is now looking for tenants to run the 100 or so shop spaces in the ‘Sea of Dreams’ shopping centre, a three-storey complex occupying some 130,000 square feet (about 12,077 square metres) to be completed by August 2016.
Ms. Lao Wen Sie, operation executive of Land Master Group, told us that some international chain restaurant operators and personal health and beauty retailers expressed interest in the shopping centre about half a year ago. Land Master Group is the exclusive shop leasing agent for ‘Sea of Dreams’, which launches the official shop leasing programme from today.
“These retailers, who have different divisions responsible for handling the south China market, and for Hong Kong and Macau, cannot come up with a fixed [shop lease] plan yet,” Ms. Lao explained.
“Hengqin was planned as part of the Guangdong Free Trade Zone not long ago, and for that the taxation benefits terms for exports from Hong Kong and Macau are still not clear with this new positioning of Hengqin Island,” she said, noting that the clarification on the taxation benefits policy is key for the chain retailers to decide which division should be responsible for handling their branches in the Hengqin shopping centre.
The Guangdong Free Trade Zone, inaugurated on April 21, is strategically positioned by the Chinese authorities to further relax the capital or investment requirements for Hong Kong and Macau service providers setting up business in the zone.
The Free Trade Zone comprises Nansha New Area, Qianhai and Shekou in Shenzhen, as well as Hengqin in Zhuhai.
While pending detailed policy explanation on taxation terms, Ms. Lao said that her company would like to see Macau firms occupy about one-third of the shop spaces to be leased. The shop spaces are to be leased at 150 yuan to 200 yuan per square metre.
The ‘Sea of Dreams’housing project, comprising 16 residential towers and 21 villas, supports some 1,800 units, with as many as 70 per cent of its buyers from Macau, Ms. Lao said. The project, built by state-run developer Huarong Real Estate Co. Ltd., first promoted off-plan sales in 2013.
The occupation permit for the housing complex is expected to be approved by the end of August, 2015, Business Daily learnt.
‘Sea of Dreams’ is located about 500 metres from the Macau-Hengqin border; to the housing site’s southeast side is the University of Macau’s Hengqin campus and to the north Shizhimen Business District.
Macau-licensed car entry announced soon
Director of the Administrative Committee of Hengqin New Area, Mr. Niu Jing, told media yesterday that the measures allowing Macau-licensed vehicles to travel freely in neighbouring Hengqin Island will be announced before August. The consideration of Hengqin’s capacity to handle the huge number of Macau-licensed vehicles is a “complex” issue to overcome when mulling the measures, Mr. Niu said.
The island’s governor also noted that the Hengqin Government has received about 10 complaints about the illegal acceptance of deposits for unfinished commercial property sites. The Hengqin Government has already ordered the developers to return the deposits to clients, Mr. Niu said.