Naga 3: When will construction begin?
THe Ministry of Economy and Finance has – as of press time – not received any documents about the Naga 3 project development, the director-general of the General Department of Financial Industry under the Ministry of Economy and Finance, Mey Vann, said.
Vann told The Post on Monday that the ministry had not received any documents about the company’s plans since NagaCorp Ltd – which owns the project – made an announcement last month.
“Even though NagaCorp has already announced its plans for the Naga 3 project on Hong Kong’s stock exchange, so far, the ministry has not yet received any official documents about it. I think everything is in the processing phase,” he said.
However, Vann said investors normally do something to attract the market first to facilitate raising funds for the project.
“I think that when they raise some funds, they will apply to the ministry,” he said.
Where is the project site?
A 29-page document filed with the Stock Exchange of Hong Kong Limited last month said NagaCorp Ltd announced its $4 billion Naga 3 Project on the site of the former “White Building”.
The announcement said the company had obtained approval in principle from the government for the construction of the Naga 3 integrated entertainment complex in four 42-storey buildings.
The company said it bought an additional 9,080sqm plot, adjacent to the land of the former White Building, to construct five buildings at a maximum height of 66 storeys, to function as entertainment establishments, hotels and apartments.
However, the company has not mentioned when the project is set to commence.
The additional land said to have been purchased by the company housed 7NG Group Co Ltd’s head office, which is now being demolished.
7NG Group CEO Srey Chanthorn told The Post on Sunday that the land will be used to construct a new building. However, he declined to comment if the site would be the location for Naga 3.
“The removal of the company’s head office is to pave the way for high-rise development but I don’t know what the building will be yet. I will inform you later,” Chanthorn said.
Currently, the foundation for a tall building can be seen on the southwestern tip of the plot of land – near the Russian Embassy. The details for the project are unknown.