(PHOTO / XINHUA)

RMB5.8 bln were paid for Hengqin Macau New Neighborhood residential project land

Public company Macau Urban Renewal Ltd. paid RMB5.8 billion (MOP6.5 billion/US$815.9 million) through financing from Bank of China Macau Branch for the land where the future Macau New Neighborhood residential project will be developed Hengqin, newspaper Hoje Macau reported.

Bank of China will not ask for guarantees for its financing, with a 3.5 per cent interest rate set, the Legislative Assembly Follow-up Committee for Public Finances said yesterday after a meeting.

The project comprises of a community service complex in Hengqin in a 180,000 square meters area and 38,000 residential flats as a way to alleviate land shortage issues in the SAR.

The committee also revealed that the 27 residential towers in the project under Macau Urban Renewal Ltd. will be built using prefabricated units, so as to make the development quicker to develop and more energy efficient.

The project is expected to be finished within 48 months after the company officially receives the land from the Hengqin government, with its units to be sold only to qualified permanent and non-permanent Macau residents.

In his first policy address, Chief Executive Ho Iat Seng highlighted Hengqin as an essential element for the diversification of Macau’s economy, noting technological investment projects worth some MOP400 billion were already under planning.

The Taipa LRT system in Macau is also expected to be connected to the Guangzhou-Zhuhai Intercity Mass Rapid Transit through Hengqin, allowing a future connection from the city to the Gongbei Border or the Zhuhai airport.

The new Hengqin border checkpoint under Macau jurisdiction has also already been inaugurated but it is not yet operational.