Ponte 16’s operator, Success Universe Group, reveals that it has allocated HK$100 million ($12.8 million) for revamping its hotel facilities.
Hoffman Ma Ho Man, the Executive Director and Deputy Chairman of Success Universe Group, told the Hong Kong media outlet Mingpao that Ponte 16 will commence construction for the third phase this year, with an anticipated investment ranging between HK$500 million ($64 million) and HKD600 million ($76.7 million).
Currently, the construction proposal for the third phase project has already been presented to the government for review and approval.
Hong Kong-listed Success Universe holds a 49 percent stake in Pier 16 – Property Development, while the remaining ownership belongs to SJM Holdings.
In the third phase expansion project, there will be the construction of a new shopping mall, alongside the refurbishment of the floating boat dubbed Macau Palace.
