The redevelopment of the Old Lisboa could turn away from the traditional gaming tables, with plans that the 12 billion Hong Kong dollar project might become residential units.

Frank McFadden, president of SJM‘s joint ventures and business developments, said in an interview with South China Morning Post yesterday that one third of the project could become residential unit towers, sales of which could net the company around five to seven billion Hong Kong dollars.

“You’ve got one-third on the [casino] podium and one-third on the hotels, so it will be a component but not a dominant component,” McFadden was quoted as saying.
According to the report, redevelopment of the Old Lisboa is expected to begin next year and be completed in 2012.

Earlier in the year, SJM registered the trademarks „Lisboa Towers“ and „Lisboa Residences“ along with accompanying logos, just weeks after publicly announcing plans to redevelop the old Lisboa, according to the report.

If the project is approved, analysts were quoted as saying that unit prices could be comparable to that of One Central close to MGM Grand, a joint-venture project between Hongkong Land and Shun Tak Holdings set for completion next year.

According to the report, units at One Central were all pre-sold and are going for 5,000 to 7,000 Hong Kong dollars per square foot in the secondary market.