URBANISM | Inner Harbor redevelopment stirs controversy

The tenants of five old stores operating under the Kiang Wu Hospital Charitable Association along a street in Inner Harbor are being forced to move out, in order to give way for a real estate redevelopment promoted by Fong Chi Keong.
According to an Official Gazette announcement, the land parcel – spanning 736 square meters on Rua da Ribeira do Patane – will be developed into an 18-storey commercial-residential building. Existing individual properties will be demolished.
Fong told media last Friday on the sidelines of an event that the 70-year-old blocks, which sit opposite the troubled Sin Fong building, were too old to be used. He reassured the media that the planned construction project is not high-end.
Asked if tenants might resume the operation of their businesses at the current rental prices, the association’s head ruled out the possibility. “They won’t be able to find better premises if they are unwilling to pay much.”
In addition, the current tenants have already been ordered to look for new places for their businesses. “It’s legitimate to notify tenants that they must leave and look for other places half a year before the lease expires,” he said. “They have to abide by the contract and the law.”
Fong Chi Keong stressed that development was the way to go. According to Fong’s estimate, the new real estate project will bring in profits of at least MOP200 million.