The first purchase was a 13,000 sq ft site on the south-western Macau peninsula, which will be developed as an apartment block with car parking for local middle-income residents. It will cost US$15.68m in total and is estimated to be completed by end-2009. The second purchase is one (out of seven) "premium luxury" residential tower blocks in One Central mid Macau, with a gross floor area of 148,000 sq ft. Here, the total cost is US$46m and the block should be ready for occupation by mid-2009. The third purchase is a high-rise leasehold redevelopment site for "entry-level" purchasers close to the northern border with China. Its projected cost is $46m and it is due to be completed in two-and-a-half years.
Demand for apartments comes both from people wanting Macau residency (it is cheaper than Hong Kong) and investors across Asia. Management expects future property prices and investor sentiment to be heavily influenced by the completion of major developments as colonial Macau undergoes a makeover. Key to this process are casinos, as Macau is the only place in China where they're allowed. It is hoped they will stimulate sharp rises in local wages and the building of not only more casinos, but also hotels and shopping complexes.
After several years of rapidly rising prices, UK property investors are being urged to look abroad for better returns - with fast-growing China an attractive option. And one way to invest in Chinese property is through Macau Property Opportunities Fund (MPOF), which joined Aim in June 2006, raising an impressive US$189m (£97m) via a placing at 100p. Since then, MPOF has been a busy dragon. It has completed three acquisitions and committed to spend a total of US$148m. In addition, it's currently negotiating to acquire eight more sites costing US$220m. All of the sites will be in Macau and the Western Pearl River Delta in southern China.
The first purchase was a 13,000 sq ft site on the south-western Macau peninsula, which will be developed as an apartment block with car parking for local middle-income residents. It will cost US$15.68m in total and is estimated to be completed by end-2009. The second purchase is one (out of seven) "premium luxury" residential tower blocks in One Central mid Macau, with a gross floor area of 148,000 sq ft. Here, the total cost is US$46m and the block should be ready for occupation by mid-2009. The third purchase is a high-rise leasehold redevelopment site for "entry-level" purchasers close to the northern border with China. Its projected cost is $46m and it is due to be completed in two-and-a-half years.
Demand for apartments comes both from people wanting Macau residency (it is cheaper than Hong Kong) and investors across Asia. Management expects future property prices and investor sentiment to be heavily influenced by the completion of major developments as colonial Macau undergoes a makeover. Key to this process are casinos, as Macau is the only place in China where they're allowed. It is hoped they will stimulate sharp rises in local wages and the building of not only more casinos, but also hotels and shopping complexes.