Ponte 16 extension likely to cost up to HKD600 million

In a story published in the Chinese-language newspaper Ming Pao, located in Hong Kong, it is said that the much anticipated construction of Ponte 16, a casino-hotel complex with a view of Macau’s Inner Harbour, is expected to cost between “HKD500 million [US$63.9 million] and HKD600 million.”

Hoffman This information was provided by Ponte 16 investor Ma Ho Man, deputy chairman of Success Universe Group Ltd., a company registered in Hong Kong.

As Mr. Ma had said to GGRAsia last year, the extension project, dubbed “Phase 3,” would include building an outdoor “plaza” and a shopping mall.

SJM Holdings Ltd, a Macau casino concessionaire, provides the gaming license for Ponte 16, and it also has a 51 percent stake in Pier 16 – Property Development Ltd, the company that oversees the Ponte 16 complex. Success Universe is the owner of the other 49%.

Mr. Ma said at a news conference in Hong Kong that the Macau government has received the Phase 3 proposal for Ponte 16. Additionally, according to Ming Pao, Mr. Ma revealed that Success Universe has allocated “over HKD100 million” for the renovation of the Sofitel Macau, the hotel on the site.

Citing Ponte 16 management, the newspaper also said that the income generated by the company’s operations ought to be sufficient to finance the anticipated enhancements.

In June of last year, Success Universe declared that it would serve as a 49 percent guarantor for a restated and amended banking facility. The purpose of the facility was to help the promoter of the property refinance current loan facilities, supply general working capital, and finance the payment of a land premium and related costs.

Success Universe said at the time that Pier 16 – Property Development and Industrial and Commercial Bank of China (Macau) Ltd, the lender, were going to engage into a restated and modified credit agreement for a total of HKD230 million and MOP273 million (US$34 million). The new agreement had a maturity date of 24 months from the date of signing.

Original story by: GGRAsia