DILI, 4 january 2022 (2022) – The government of Timor-Leste and Pelican Paradise Group Limited had officially signed the Special Investment Agreement (SIA) to implement the 5-star hotel project in the area of Tasi-Tolu and Tibar.
The Special Investment Agreement was signed by the Coordinating Minister of Economic Affairs, Joaquim Amaral, and the President of the Pelican Paradise, Datuk Dr. Ong Han Nam, and witnessed by Minister of the Presidency of the Council of Ministers, Fidelis Manuel Leite Magalhães.
Minister Amaral said that the signing of the SIA was a breakthrough for Timor-Leste.
“Today, we finally sign this SIA with its annexes. I would like to thank all parties who had been contributed to the whole process of the signing of the SIA for the implementation of the 5-star hotel development project,” Amaral made the comments in his remarks during the signing of the SIA at Novo Turizmu Hotel, in Dili, on monday.
Amaral congratulated Datuk Dr. Ong Han Nam for his courage, determination, and patience to keep waiting for such a long time to sign the SIA: “I know that it’s not easy for the investors to take the courage to wait for such a long time. But Datuk has the patience to wait and I have no other words to describe his courage. So, I thanked him for his commitment to developing Timor-Leste.”
“During the first three months following the singing of this SIA, the company will be committed to carrying out the heavy work in the scene. It demonstrates the company’s readiness to develop the project together with Timorese people,” he said.
At the same place, the Datuk Dr. Ong Han Nam thanked the government of Timor-Leste under Prime Minister Ruak leadership for initiating the signing of the SIA with the Pelican Paradise.
“I want to thank Prime Minister Ruak, Minister of the Presidency of the Council of Ministers, Fidelis Manuel Leite Magalhães, Coordinating Minister of Economic Affairs, Joaquim Amaral, and the Vice Minister of Justice, José Edmundo Caetano for initiating the signing of this SIA in such a short notice beyond my expectation. You all are GOD send and you have made my day,” Datuk said.
“The signing of this SIA is the beginning of many challenges to come as we start the construction. I am sure there will be a lot of challenges which the SIA cannot capture as we are living in a rapidly changing world. For Development of this magnitude, we need to work hand in hand with the government and only with the political will of the government and the determination of the developer coupled with the core value of sincerity and integrity; we will be able to see it through for the benefit of the country.”
He said when both parties signed the agreement in 2008, the development project was estimated to cost around US$250 million: “As we faced the delay and revised the master plan it went up to US$700M.”
“We never stop revising and improving the design to be relevant to the trend and with new partners coming in such as hospital and international school, the whole development will far exceed the budget of USD700M. We have dedicated 82% of the total land for reforestation, agriculture, and golf course. We only develop 18% of land for hotels, condominiums, and commercial,” he stressed.
He added when the project is completed, the whole development is expected to create employment of more than 10.000 jobs.
In addition, both parties also signed the Lease Agreement. This agreement was signed by the Vice Minister of Justice, José Edmundo Caetano, and President of the Pelican Paradise, Datuk Dr. Ong Han Nam, which was witnessed by the Minister of Tourism, Trade, and Industry, José Lucas do Carmo da Silva.
In his closing remarks, Magalhães named the 5-star hotel development a strategic project.
“This project is considered to be the strategic project for the government of Timor-Leste. Why so, because despite all of these social and political achievements that we achieved so far, but without economic development, economic diversification, and the creation of job opportunities and without bringing food to families, these social and political achievements would be invisible,” said Magalhães.
He said the 5-star hotel will be vital for Timor-Leste’s long-term economic development.
“It will help us to generate revenues and enable us to finance the maintenance and the running of our airports and ports,” he said.
Journalist: Filomeno Martins
Editor: Nelia Borges Rosario
