Genting Hong Kong has sold the Nam Vam Lake development to a local businesswoman from the real state sector.
Macau.- The five-star hotel and casino resort being built in the Nam Vam Lake area in Macau will be finished by 2022.
Genting Hong Kong said that it has already sold its interests in the 8,100 square metre development near Praca Ferreira Amaral. It said the project is now being developed by a company owned by local real estate developer, Ao Mio Leong.
The operation completed at HK$750m (US$96.7m).
Genting Hong Kong said: “The transaction is aligned with the group’s objective to sell non-core assets and will reduce the group’s financial burden in meeting future funding requirements in relation to Genting Macau’s business.”
Genting is also looking to increase liquidity to boost its cruise ships business.
Nam Vam Lake hotel project
The gross development value of the Nam Vam Lake project is estimated at HK$4.6bn (US$593m). Some HK$1bn (US$129m) has been spent on the construction so far and some HK$2.7bn (US$348m) more is expected in expenses before its completion.
Genting planned a 21-storey building for a five-star hotel with 708 rooms and a gross floor area of 70,284 square meters, plus a parking lot of 12,080 square meters and a free area measuring 5,581 square meters.
In February 2020, construction was held up due to restrictions introduced because of the Covid-19 pandemic. Work gradually resumed under China Civil Engineering Construction.
In a filing this week Genting said: “Subject to obtaining relevant approval from the Macau Government, the latest target completion date was expected to be around mid-2022”.
Genting Macau sold its 50 per cent interest in the project.
The remaining 25 per cent interest in Macau Land Investment is held by two companies in part held by local businessman Kwan Yan Chi and his brother Kwan Yan Ming.