Macau (MNA) – Polytec Asset Holdings announced on Thursday that it expects to record a significant increase in profit for the year ended December 31, 2018 when compared to the year prior due to the income from and the fair value gain on the interests in the La Marina development project in Macau.
The group’s net profit attributable to equity shareholders had already increased considerably to HK$270 million (US$34.3 million) in 2017 from the HK$59 million recorded in 2016
For the year ended June 30, 2018, Polytec had indicated that its net profits had increased 16-fold to HK$648 million, mainly due to the sale of units at its HK$500 million La Marina project, a property development in the T+T1 land plots adjacent to the Hong Kong-Zhuhai-Macau Bridge (HZMB).
Construction works for the La Marina were completed and its respective occupation permit obtained in July, 2017, with pre-sale units gradually delivered to the buyers since late December of 2017.
At the time the company indicated it had sold about half of the project’s have, with total sales reaching an amount of some HK$6 billion. The La Marina has a saleable gross floor area exceeding 174,000 square meters.
Polytec is the parent group of Polytex Corporation Ltd. which developed the Pearl Horizon residential project – also in the Areia Preta area – which was stopped following the Macau government’s decision to revoke the company’s land concession and reclaim the land plot where the project was being developed.
Polytec is looking to obtain compensation from the Macau authorities for the decision that put an end to its project and in June of last year it even announced an offer of a 15 per cent discount when buying units at the La Marina for people who had bought one pre-sale unit at the failed Pearl Horizon project.