Melco International announced it has successfully tendered to develop a premium residential, entertainment and hospitality 750,000 square meters mixed-use complex at Zhongshan, Guangdong province in partnership with Agile Group.
The Melco group indicated that the project is part of its strategy to invest in non-gaming assets, in particular the Greater Bay Area.
The new project will include residential, commercial, recreational and entertainment elements, featuring residential complexes, office areas, hotels, service apartments, wellness centers, shopping malls and a theme park with more than 94,200 square meters, with Melco, expecting the majority of the project, including the theme park, to be completed by 2025.
Melco International Development Limited indirectly owns a majority stake in gaming concessionaire Melco Resorts & Entertainment Limited.
Hong Kong-listed Agile Group is an integrated conglomerate specialised in property development, with over RMB300 billion (MOP370 billion/US$46.2 billion) in assets as of last year and a presence in over 200 cities.
The company indicated it will contribute some RMB5.6 billion to the project, with some RMB4 billion already used to purchase the land use rights, via Zhongshan Melco Yachuang Real Estate Development, the joint venture established in the PRC with Melco.
Melco will contribute some RMB400 million for the project, RMB150 million for the acquisition of the land use rights and RMB250 million for the development of the project, with priority to the theme park.
The land where the project will be developed covers 504,000 square meters in Xisiwei, Nanlang Town of the Qibu District in the Cuiheng New District of Zongshan City.