The Authority of the Special Administrative Region Authority of Oé-cusse Ambeno (Timor-Leste) is negotiating with a Singapore company for the urgent construction of a hotel in the Timorese enclave, the president of the Authority said Wednesday.
Mari Alkatiri told Portuguese news agency Lusa that the Authority was negotiating the construction of a hotel with 50 rooms and six suites, which must be ready by October, in order to be used during the celebrations of the 500th anniversary of the arrival of the Portuguese in Timor-Leste (East Timor).
He said the “urgent” nature of the work led to a direct agreement with Timor Capital Partners Asia Pte (TCP), based in Singapore, which, however, presented an estimate for the project that was too high.
Alkatiri stressed that the value of the project could not exceed US$12.5 million – for the work – and other tenders would be launched for the hotel’s equipment and its management by the authority that manages the Oé-cusse Special Social MArket Economy Zone (ZEESM).
The ZEESM project involves an investment of US$4.11 billion by 2025, of which US$2.44 billion over the next four years.
About 67 percent (US$2.75 billion) of this amount is guaranteed by public investment, and the remaining amount – US$1.36 billion – will be raised in the private sector. (macauhub/TL)