Macau Legend Development Ltd, a public company listed in Hong Kong has set aside the speculations floating around in regards to any further investments in a shopping complex on Hengqin island. The island is located in mainland China and is close to Cotai district in Macau.
Going by the brand of “PONTO,” the shopping complex is expected to be fully developed and opened for public by December – as reported by several local and even mainstream Chinese news outlets.
The statement comes two weeks after Macau Legend – a leading casino venue operator primarily in and Macau and Laos – had announced that they have come to terms with purchasing a 21.5 percent stake in the company behind the Hengqin shopping complex. In a filing on 27 February, the Macau Legend made public that they will be investing a total of US$10.8 million which will also be inclusive of loans worth HKD 20.9 million.
In their projections, Macau Legend has estimated the investment value of PONTO worth CNY 1.6 billion (US$239.5 million). It has a cumulative built-up area of about 140,000 square meters (1.5 million square feet) and will host over 300 shops and outlets. The entire project is under the supervision and control of David Chow Kam Fai, co-chairman and chief executive, Macau Legend who is also the biggest shareholder of the firm totaling worth 34.46% of stakes as recorded in the shareholding disclosure report published January 17, earlier this year.
For the mainland Chinese officials, Hengqin Islands is a spot which could be developed for attracting tourists from across the globe. A highway and bridge join the island to the Cotai district in Macau. According to a Chinese news outlet, Macau Daily News, there is an underground construction work in progress, to connect the shopping complex with Hengqin crossing checkpoint (which would be completed by the end of August).
Responding to the question of whether there will be any further partnership between Macau Legend and Hengqin project, Macau Legend spokesperson was reported to have said: “There are countless possibilities and opportunities for collaboration between PONTO and all Macau and international businesses.”
The February 27 filing also details that post-acquisition of the Hengqin contract, both Macau Legend and the parent company behind the PONTO project would then kick off the management service agreement. It includes a providence that a Macau Legend subsidiary will offer property management services to the said project. This deal will hold good until December 2021 and comes with a payment term of HKD65,000 management fee and an annual performance bonus.
Babylon Casino and the Legend Palace Casino, the two popular Casinos located at Macau Fisherman’s Wharf complex are managed and operated by, Macau Legend. They also own and run Savan Legend Resorts Hotel and Entertainment Complex in Laos, two other famous casino venues, currently undergoing a complete renovation.