ETLS 23/12/2015 East Timor's Specialised Investment Agency published a report on 29 June 2015 originally published in Financial on 25 June 2015, that Officials from the Asian Development Bank (ADB) and the Government of Timor-Leste had signed an agreement confirming additional ADB financing of nearly $12 million for the Timor-Leste Road Network Upgrading Project.
Signing the assistance package was the Minister of Finance and ADB Governor, Santina Viegas Cardoso, and ADB’s Country Director Shane Rosenthal.
“Creating a shorter and safer route between Dili and Tibar Bay, the site of a planned international seaport, will make it easer and less costly to transport goods, and enhance the Tibar Bay area as a place to do business” said Mr. Rosenthal.
The new funding will upgrade a 5-kilometer section of road along a key route linking Dili to Tibar Bay—site of the country's planned new international port—to Gleno, center of an important coffee-growing region. The original project supports road upgrades from Tibar Bay to Gleno and Liquica. The latest section targeted for improvement is part of the key north coast road linking Dili with Indonesia, as well as the western towns of Maliana and Bobonaro, according to ADB.
The Road Network Upgrading Project also includes upgrading from Tibar to Liquica and complements another road initiative funded by an ADB grant, which together will upgrade 57 km of roads from Tibar to Batugade, on the border with Indonesia. These are the first major road improvements to be undertaken by Timor-Leste since independence in 2002.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.
23 December 2015
East Timor Government grants surface land rights to land in Tasi Tolu to Singapore company for $310 million hotel development
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| Tasi Tolu, East Timor (Three Lakes) |
The Government granted to Pelican Paradise Holdings Timor-Leste the surface rights on a land in Tasi Tolu for the development of an investment project. This international company, headquartered in Singapore, will build and explore a five-star hotel complex, with an investment of approximately US$310 million.
The project was presented to the Fifth Constitutional Government at the extraordinary meeting of the Council of Ministers of November 21st, 2014. It includes the construction of a hotel with 464 rooms, designed to be among the best 5 star hotels in the region, among other high quality and tourist potential units.
The training of human resources and the creation of employment are priorities of the investor, which plans to create around one thousand and five hundred direct jobs in the construction phase. With operations starting the investor expects that a thousand and three hundred jobs will be created and maintained.
At the Extraordinary Meeting of the Council of Ministers on 21 November 20141, the State Secretariat for the Support and Promotion of the Private Sector presented the investment project from the international company Pelican Paradise Holdings Timor-Leste located in Singapore, for the construction and exploration of a five star hotel complex located between Dili and Tibar, with an investment of around 310 million dollars.
The project includes a hotel with 492 bedrooms, gym, restaurant, spa, convention center for one thousand and five-hundred people, golf course, commercial area and residential area.
During the construction stage of the hotel complex, the Investor estimates that one-thousand and fivehundred direct jobs may be created, 70% to 80% of which can be carried out by Timorese. Once the hotel complex is completed and operational, the investor foresees that 830 jobs will be established and maintained, 70% to 80% of which can be carried out by Timorese.
Earlier this year, on 29 April 2015, Mr. Tony Duarte, President of the East Timor Specialised Investment Agency and the team received Datuk Edward Ong and his delegation on Wednesday, 15 April 2015 at the office of the Specialised Investment Agency.
The investment of the Pelican Paradise to the tune of USD$310 millions is scheduled to take place this year pending the approval of the Council of Ministers. The investor does not request for the Special Investment Agreement, but rather a Certificate of Investment. For private investments worth USD$20 millions or more requires the approval of the Council of Ministers, as provided for under the decree-law no. 6/2005, 27th July.
The five star hotel complex investment includes a hotel with 492 bedrooms, gym, restaurant, spa, and convention centre for 1500 people, golf course, commercial area and residential area. It is located in Tasi Tolu with an investment of around USD$310 millions. The investment will act as a catalyst to further draw foreign direct investments into the country.
During the construction stage of the hotel complex, the Investor estimates that 1500 direct jobs may be created, 70% to 80% of which can be carried out by Timorese. Once the hotel complex is completed and operational, the investor foresees that 830 jobs will be established and maintained, 70% to 80% of which can be carried out by Timorese.
Datuk Edward Ong is of Singaporean nationality and has been constantly following up his Pelican Paradise investment for more than six years. Countless hours of painstaking efforts invested to see the project taking place this year.
All the required formalities have been prepared by the Specialized Investment Agency and delivered to the Coordinating Minister for Economic Affairs, His Excellency Mr. Estanislau da Silva on 8th April 2015.
Last year, on 21st November 2014, the V Constitutional Government has analysed the Pelican Paradise investment, (http://timorleste.gov.tl/?p=10920&lang=en&lang=en)
Meanwhile, the investor is now waiting for the approval of the Council of Ministers for the project to commence as soon as possible. Once the approval is received from the Council of Minister, the following animation of the master plan will be put into practice and coming to fruition – (https://www.youtube.com/watch?v=VJf-VM9GvaY&feature=youtu.be).
“The investment of the Pelican Paradise is of a significant value in contributing to the economic development of Timor-Leste, in tourism sector, of a purely foreign direct investment and it further enhances the positive image of Timor-Leste as an investment destination for other potential investors”, says Mr. Tony Duarte.
It is a significant investment that will create the much needed employments for the growing number of Timorese youth and kick-start various supporting local industries in the process. It is in the best interest of the country to ensure that this investment proceeds as quickly as possible.
- See more at: http://invest-tl.com/news-investment-timor-leste/222/16/en/pelican-paradise-awaits-the-final-approval-from-the-council-of-ministers---for-usd$310-millions-of-investment.html#sthash.UE1OZw3v.dpuf
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