Grand Lisboa gets official land concession

Thursday, September 18, 2008
Issue 470, Page 6
Word count: 314
Published in: Macau Daily Times

By Poyi (Natalie) Leung

The SAR government has officially leased the land parcel to Hotel Grand Lisboa with a premium payment of more than 222 million patacas, according to the Official Gazette released yesterday.

The dispatch, signed by Secretary for Transport and Public Works, Lau Si Io, approved the concession of a 11,626 square metre land parcel (formally known as the Workers Stadium) situated near Avenida Infante D. Henrique in the Macau Peninsula to Grand Lisboa Property Investment, S.A. for the construction of a 53-level complex housing a casino, five-star hotel and a carpark.

According to the lease, the casino will occupy a construction area of 20,304 square metres, hotel for 115,138 square metres, carpark for 22,556 square metres, as well as an outdoor area and garden for 5,199 square metres.

Grand Lisboa Property Investment, S.A. will be required to pay a total premium payment of 222,883,285 patacas to the Macau SAR Government, in which 35 million patacas had already been settled by instalments between 1980 and 1987 and about 45.2 million patacas was balanced off by constructing the new Workers Stadium at the Border Gate.

The remaining balance of about 112.14 million patacas will be paid in cash when Grand Lisboa Property Investment, S.A returns a statement to the government agreeing the conditions set out in the leasing contract.

In terms of rents, Grand Lisboa Property Investment, S.A is obligated to pay an annual amount of 348,780 patacas for the duration of construction at the site.

After construction is completed, the corporate will need to pay some 2.3 million patacas each following year until the 25-year term contract is up.

However, the contract is subject to renewal and rents will be revised every five years.

Grand Lisboa, owned by Sociedade de Turismo e Diversões de Macau (STDM), has its casino and restaurants opened on February 11, 2007 while the hotel remains closed to the public at present.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: