Macau (MNA) – A joint action to vacate and reclaim the 68,000-square metre land plot where the failed Pearl Horizon residential project was planned to be developed, known as land plot P, was launched on Wednesday by a government interdepartmental group, the Land, Public Works and Transport Bureau (DSSOPT) announced.
The land concession granted to Polytex Corporation Limited – the local arm of Hong Kong-listed Polytec Asset Holdings – was declared invalid on January, 2016 due to lack of development by the company with an eviction notice sent on March of the same year.
The company have filed several appeals afterwards blaming the delays linked to the halt of the project on the Macau SAR Government, with the developer managing to defer the final eviction until a decision was reached by the Court of Final Appeal (TUI) on May 2018, which eventually upheld the government’s decision to expropriate the developer.
Since the concessionaire did not vacate and return the land plot in question within the stipulated period, the government launched the action to vacate and regain the land plot.
Authorities have previously indicated that they were planning to build temporary housing accommodation in the area, with 2,000 housing units said to be reserved for pre-sale buyers of the defunct Pearl Horizon project.
According to a report by newspaper Ponto Final also on Wednesday, buyers of about 2,000 of the 3,020 units that were sold from the original project reached an agreement with the company to either receive the amount initially paid and a bonus of 2 per cent in different instalments over a year, or receive a 15 per cent discount on the purchase of units in other Polytex developments, such as La Marina.
The buyers of about 500 units have initiated court proceedings against the Macau authorities with the buyers of some 300 units having sued Polytex.
The Court of Second Instance (TSI) has recently ruled against Polytex in a case put forward by one of the buyers, which will now receive MOP2.02 million (US$250,546) back from its initial investment.
