The government announced on Saturday that it already has “a basic project” in mind for the site of the Pearl Horizon development.
The announcement was made at a meeting held by the Office of the Secretary for Administration and Justice, Sonia Chan. Also in attendance were the major stakeholders of the complex process, as well as current representatives from the government, the building contractor and the buyers.
The government added that the plan aims to provide a solution for the case – which has already led to a lengthy judicial battle, numerous street protests and even a candidacy to the Legislative Assembly – but that the details can only be revealed after the judicial process ends “in order to protect the interest of the small buyers under the terms of the Land Law”.
During the meeting, representatives of the Pearl Horizon Condominium Owners United Association reaffirmed the buyers’ desire to cover their loans for the housing units they bought, and their expectations for the residential buildings construction to proceed on its original site. They still hope that the developer – Polytec Asset Holdings – delivers the “same” units they bought.
The development promoters expressed confidence that the judiciary process will ultimately rule in their favor. They reaffirmed their intentions to fulfill their responsibilities to the buyers as outlined in their contracts and in accordance with the law.
The Pearl Horizon controversy has been one of the most widely publicized cases related to land that the government has retrieved, due to the expiration of developers’ concessions prior to the fulfillment of their purpose.
Several lawmakers have called for a review of the Land Law to clearly state when concessionaires can be blamed for delays or non-development of land, as well as cases where extensions should be granted due to issues that are no fault of the developers.
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