Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces further property investments totalling US$35 million in aggregate value. These properties form part of the Company’s ongoing complementary strategy of acquiring well-located and attractively priced smaller property assets in key locations across Macau.
Since Admission to AIM, the Company has invested, or committed to invest, approximately US$227 million (equivalent to 120% of its total equity raised) and continues to progress negotiations on an attractive pipeline of sites totalling approximately US$550 million in combined acquisition value.
Further Details:
• These properties have been purchased by MPO in a series of acquisitions as part of the ongoing complementary strategy of acquiring well-located and attractively priced smaller property assets.
• The Company believes that these assets offer the potential for significant capital appreciation as investment properties in their own right as well as through consolidation, refurbishment or redevelopment.
• The total amount invested to-date in such properties now amounts to US$52 million.
• Of this amount, US$48 million has been spent on acquiring 24 residential units located across various towers in One Central, the premium mixed-used development in which the Company purchased a luxury residential tower (Tower 6) in November 2006 for US$86.60 million.
• These additional units, all well located with superior aspects, increase the Company’s total combined gross floor area in the project by 34% to a total of approximately 200,000 square feet, representing 12% of the total residential floor space in the development.
The Company continues to believe in the unprecedented quality and positioning of One Central, which is due for completion in 2009. The project’s uniqueness and value is further enhanced by the fact that other premium luxury residential developments being planned in Macau continue to experience ongoing delays in obtaining the necessary planning permission and/or construction permits. The Manager therefore believes that secondary market demand for residential units in One Central will remain strong as the project nears completion and the surrounding area continues to be transformed.
It is the Company’s current intention to retain all units purchased in the development at least until their expected completion in 2009. When deciding upon its investment strategy, the Manager will closely consider a range of factors including market conditions, supply/demand trends and prevailing yields for premium luxury properties in Macau.
David Hinde, Chairman of MPO said: “The Company’s niche strategy of purchasing smaller individual properties on an opportunistic basis, demonstrates the Manager’s flexible investment approach. One Central is set to become the retail and residential destination of choice in Macau and the additional units purchased by the Company leaves it well positioned within this unique and prestigious development.”