Macau is poised to invest 150 million euros at least in transforming the Sado riverfront, creating as many as 3000 jobs.
The news follows the signing of a memorandum of understanding between Setúbal borough council and investors within China’s special regional administration.
The deal forged in Macau involves Chinese company Macau Legend Development, whose president David Chow has told reporters that if the Portuguese government “gives more land, we could invest more. We are open to (investing) up to 500 million euros”.
In fact, the “total value” of plans in hand depends on how many storeys the company will be allowed for the apartment block and buildings they are hoping to construct .
National tabloid Correio da Manhã says the blueprint is for a marina, with luxury hotels, apartments and sundry infrastructures.
The development would go ahead on what is now the Doca de Recreio (harbour for pleasure boats and yachts).
Said Satúbal mayoress Maria das Dores Meira, it will be a “profound transformation of the use of Setúbal’s riverside”.
Meantime, CM adds that Macau Legend Development also seeks to enter the “share structure” of nearby Tróia casino, in Grândola.
natasha.donn@algarveresident.com
