Sino Land Co. Ltd. (00083.HK) and a consortium led by former Sun Hung Kai Properties Ltd. (00016.HK) chairman Walter Kwok Ping-sheung jointly won a tender for the development of The Fullerton Hotel at Ocean Park, the Hong Kong Economic Journal reported on Thursday.
The tender result still needs the approval of the Town Planning Board, which will assess the joint venture’s development plan. The decision will be announced in August.
Sino Land and Empire Group Holdings Ltd., Kwok’s flagship holding company, own 60 percent and 40 percent of the joint venture company, respectively. They have pledged to invest an estimated HK$3 billion in the project.
The hotel, located in Tai Shue Wan and formerly known as Fisherman’s Wharf Hotel, gives the developers an operating right of 35 years.
The joint venture seeks to tap into the expected rise in visitors to the theme park following the completion of the third runway and the Hong Kong-Zhuhai-Macau Bridge.
Great Eagle Holdings Ltd. (00041.HK), which won the same tender in 2011, backed out from the deal because of limited operating terms, prompting Ocean Park to reopen the tender in 2013.
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