Gov’t swaps land with Bank of China for social housing construction

Thursday, October 16, 2008
Issue 498, Page 3
Word count: 274
Published in: Macau Daily Times

By Poyi (Natalie) Leung

The Official Gazette published a dispatch from the Secretary for Transport and Public Works yesterday that the government would lease a 5,496 square metre land parcel in Fai Chi Kei to Bank of China (BOC) in exchange for its 9,511 square metre land in Ilha Verde for social housing construction.

According to dispatch number 29/2008, the SAR government would lease the land plot between Bacia Norte do Patane and Bacia Sul do Patane in Fai Chi Kei to Bank of China without staging an open tender for a 25-year term.

The land concession was approved as the government wanted to acquire a land parcel occupying 9,511 square metres near Estrada Marginal da Ilha Verde which was owned by Bank of China in order to build a social housing complex.

The two land plots, although at different sizes, have the same value of MOP 168,690,977 according to the dispatch.

The Fai Chi Kei land leased to BOC allows the corporate to develop two buildings for the purposes of residential, commercial and parking.

The largest construction areas that BOC can build for residence, commerce and carpark will be at respectively 60,144 square metres, 13,140 square metres and 10,993 square metres.

On the other hand, during the construction of the two buildings, BOC will be required to pay an annual rent of 87,936 patacas, which is calculated on 16 patacas times 5,496 (square metres).

After the construction is completed, the amount of the rent will be changed to eight patacas for every square metre built for residential purpose, 16 patacas for commercial purpose and eight patacas for parking purpose.

The rent will be adjusted every five years.

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