Imperial Pacific Acquires 50% Stake in Saipan Resort Developer

Imperial Pacific International has announced it has entered into a sale and purchase agreement to acquire a 50% stake in American Sinopan, a company developing two pieces of land in Saipan.

According to a filing from Imperial Pacific, the consideration for the equity stake in the Hong Kong-owned company amounts to US$23.7 million. Total land area of the two pieces of land amounts to almost 130,000 square meters.

According to the filing, one of the pieces of land includes twelve villas and a three-story public building under construction on Capitol Hill, the former Heaven II Resort. The other land is the project site for a resort hotel. (AGB)