Chief Executive Ho Iat Seng says that Macau will need the development of Grade A office buildings in order to be able to attract more non-local companies to set up their headquarters here as there is a lack of high-quality commercial buildings in the city.
Grade A buildings aim to provide “best in class” office premises, according to property agencies in cities such as Hong Kong and Singapore.
Ho made the remarks when answering a question from indirectly-elected lawmaker-cum-urban planner José Chui Sai Peng during Tuesday’s Q&A session in the legislature’s hemicycle, which was held a day after he delivered his 2020 Policy Address. Chui asked Ho what measures his government plans to take to attract non-local investment.
Most of Macau’s office buildings are located in Nam Van and Nape.
Ho pointed out that Macau’s low and simple tax system is attractive to potential investors from outside, adding that many companies in the mainland are keen to set up their headquarters here due to its favourable tax system.
Ho noted that while there are many “grand” five-star hotels in Macau, land resources in the city are scarce and there is a lack of Grade A office buildings here, adding that the situation is discouraging major companies from setting up their offices in the city.
Ho said that many of the city’s commercial buildings are “ageing”, and that Macau’s lack of good quality office buildings is a “disadvantage”.
Ho said that in the past many companies wanted to come to Macau to develop their business but eventually gave up after realising that there are no Grade A commercial buildings here.
Ho pointed out that most of the office buildings in Nam Van and Nape do not meet Grade A standards. Ho said that Macau needs Grade A office buildings featuring “smart facilities” so as to attract companies from outside to develop their business here.
The chief executive said that therefore the government plans to sell plots of land by auction once Macau’s urban master plan has got off the ground so that a certain area in the city can be developed into a “central business district”(CBD).
Ho predicted during Tuesday’s Q&A session in the legislature’s hemicycle a “golden age” for the city’s public infrastructure projects such as a “metro-like” underground line for the city’s light rail transit (LRT) system between the Taipa Ferry Terminal in Pac On and the Barrier Gate border checkpoint at the northern tip of the Macau peninsula.
Legislators attend Tuesday’s Q&A session about Chief Executive Ho Iat Seng’s 2020 Policy Address in the legislature’s hemicycle. Photo: GCS
