The Macau Jiangmen Communal Society has donated MOP100 million to Sin Fong Garden to help them rebuild the house project, according to the Chinese press.
The chairman of the Sin Fong Garden Building Management Committee, surnamed Wong, announced that the committee would inform the owners, and that owners of the biggest units might need to pay more than MOP600,000, while other owners will pay between MOP400,000 and MOP600,000.
Chan Pou Sam, executive vice president of the Macau Jiangmen Communal Society said that work at the building has entered the reconstruction phase. “As time passes, the overall cost of the project is changing. It was originally estimated to be more than 100 million patacas, but now it may reach over 200 million patacas.”
Troubles on Sin Fong Garden began back in 2012, when the building was listed as being at risk of collapsing and members of 144 households had to be evicted.
Besides the Macau Jiangmen Communal Society donation, Macau businessman António Ferreira donated MOP50 million to the committee for the rebuilding.
The remaining cost of the rebuild fee will be borne by the owners.
The Bank of China (BOC) is providing loans with discounted interest to Sin Fong Garden’s owners.
According to Wong, the interest offered by the BOC to the owners is even lower than the loan interest rate given to BOC employees.
The reconstruction project is expected to start in April.
Wong hopes that the government can waive the project from related taxes as the reconstruction will provide neither commercial gains nor area expansions.
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