An industrial park that focuses on life sciences, health products, food, biomedicine and medical equipment is set to be built in Hengqin, according to an announcement from the Hengqin Qinao Innovation Industrial Park Development and Construction (Hengqin IDC) company. The firm acquired the 116,000 square metre site earmarked for the park following an auction on Monday.
Currently, the firm intends to use the land to develop campus buildings with a floor area of 400,000 square metres and include production spaces, staff accommodation and meeting centres. It is expected that more than 5,500 people will live and work in the park.
Situated on Hengqin’s Qinghai West Road, the new development is expected to significantly boost the development of Macao’s technology and life sciences sector, forming a cluster with similar locations in the area, including the Traditional Chinese Medicine Science and Technology Industrial Park and the Hengqin Science City.
[See more: Hengqin is now building its ‘science city’]
In its statement, Hengqin IDC said that the project will feature high quality, low-cost production space, which will help to promote the development of Macao brands and allow the city to overcome its lack of suitable premises for manufacturing and production.
Under the terms of the bid, Hengqin IDC is required to recruit eligible Macao-funded businesses to the development and ensure that the occupancy level does not fall under 80 percent within 5 years after the park comes into operation.
No date has been announced yet as to when the new industrial park will be completed. Hengqin IDC, however, noted that preliminary work was already well underway.
