Chief Executive Ho Iat Seng has promised that his government will resume land auctions “at the proper time” in the future for plots used for private residential development projects, despite the lack of bidders during its recent land auctions.
Ho made the remarks while speaking to reporters after attending Sunday’s National Day reception at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (aka Forum Macao Complex) in Nam Van.
The government launched separate public tenders on August 9 for the granting of land concessions of two adjacent plots in central Taipa, officially known as BT8 and BT9a, for private residential development projects. However, no bid was received for Plot BT8, while only one bid was submitted for Plot BT9a when the two auctions’ bidding deadlines ended last Tuesday.
The sole bid for Plot BT9a was unsealed last Wednesday, when the government granted the plot’s provisional land concession to the sole bidder offering a price of 893.666 million patacas, 15 percent higher than the plot’s reserve price of 777 million patacas.
Speaking to reporters on Sunday, Ho said that the government will hold a land auction for Plot BT8 again “at the proper time” in the future.
The government said early this year that it aimed to hold land auctions in 2023 for four plots earmarked for residential projects.
Ho said on Sunday that the government would “stick to its promise” to hold land auctions at a proper time in the future for other undeveloped plots in the city with the aim of meeting property developers’ “long-standing” demand for the government’s granting of land concessions for residential development projects.
Ho stressed that the government will not hold any land auctions in the near future, considering the recent lack of bidders for its recent land auctions.
Meanwhile, Ho also said that the government began last year to study the possibility of easing its cooling measures for property transactions aiming to curb housing speculation, informally known as “spicy” measures.
Ho underlined that the government has still not come up with a decision on the matter, pointing out that the government’s possible easing of its “spicy” measures would require the legislature to pass an amendment bill on the matter.
This photo taken in August shows Plot BT9a in central Taipa.
– Photo: Tony Wong
Chief Executive Ho Iat Seng speaks to reporters at the Forum Macao Complex on Sunday after addressing the local government’s National Day reception. – Photo: GCS
