Imperial Pacific buys land for $3.2 million

    Imperial Pacific International, which is planning to build a $7.1 billion integrated resort on Saipan, last month signed an agreement to purchase 11 hectares of land from a private landowner in Tanapag Village for $3.2 million.

    The agreement is for a 55-year lease on three plots of land measuring, 12,000 sq.m, 30,000 sq.m. and 63,001 sq.m. to be paid for with a $640,000 deposit.

    The land deal is the latest investment in real estate by the company as it looks to build its ambitious resort on the island.

    On August 14 the company acquired a 15,000 sq. m. property for $315,000, as well as recently leasing a 17-unit apartment near the Commonwealth Casino Commission’s office where it plans to house some of its employees.