MPO announces progress on development properties
Demolition paves way for the development of its two residential projects in Macau
Macau Property Opportunities Fund Limited (MPO), managed by Sniper Capital Limited, today announces further progress on two of its residential development properties on Macau Peninsula.
Rua do Laboratório
Demolition of the existing building at Rua do Laboratório has commenced. This follows the receipt of all necessary permits and consents and is expected to take four weeks to complete.
Planning permission for this entry level residential development project is progressing well and it is expected that a formal response to the architectural submission will be received by the end of December 2009, in line with the anticipated project timetable.
Rua da Penha
The demolition permit at Rua da Penha, the Company's other residential development project, is now expected in January 2010. This will allow for the commencement of demolition shortly thereafter. The target project completion date remains mid-2011.
David Hinde, Chairman of MPO commented:
"We are pleased with the progress made by the Company in reaching the development stage of these two uniquely positioned sites and look forward to developing high quality homes to serve the needs of Macaus
local residents."
Further Details
Rua do Laboratório
Located in the rapidly emerging northern area of Macau Peninsula and close to the main China border gate, Rua do Laboratório will be developed as affordable apartments positioned towards local first-time buyers.
In recent months the government has instigated a number of development and improvement projects in this area, one of which is situated on land directly adjacent to the Rua do Laboratório site.
These improvements, combined with the imminent construction of Macau's Light Rapid Transit System, bode well for the continued appreciation of values in this emerging area of the city.
Rua da Penha
Rua da Penha, which will be developed into a low-rise apartment block, is situated in a highly popular
neighbourhood for local middle-to-upper income residents, given its convenient location and historic appeal.
With the increase in affluence throughout Macau in recent years, the earning power of locals has increased, as has the desire to upgrade their lifestyle, and there is now a growing demand for quality accommodation.
Demolition paves way for the development of its two residential projects in Macau
Macau Property Opportunities Fund Limited (MPO), managed by Sniper Capital Limited, today announces further progress on two of its residential development properties on Macau Peninsula.
Rua do Laboratório
Demolition of the existing building at Rua do Laboratório has commenced. This follows the receipt of all necessary permits and consents and is expected to take four weeks to complete.
Planning permission for this entry level residential development project is progressing well and it is expected that a formal response to the architectural submission will be received by the end of December 2009, in line with the anticipated project timetable.
Rua da Penha
The demolition permit at Rua da Penha, the Company's other residential development project, is now expected in January 2010. This will allow for the commencement of demolition shortly thereafter. The target project completion date remains mid-2011.
David Hinde, Chairman of MPO commented:
"We are pleased with the progress made by the Company in reaching the development stage of these two uniquely positioned sites and look forward to developing high quality homes to serve the needs of Macaus
local residents."
Further Details
Rua do Laboratório
Located in the rapidly emerging northern area of Macau Peninsula and close to the main China border gate, Rua do Laboratório will be developed as affordable apartments positioned towards local first-time buyers.
In recent months the government has instigated a number of development and improvement projects in this area, one of which is situated on land directly adjacent to the Rua do Laboratório site.
These improvements, combined with the imminent construction of Macau's Light Rapid Transit System, bode well for the continued appreciation of values in this emerging area of the city.
Rua da Penha
Rua da Penha, which will be developed into a low-rise apartment block, is situated in a highly popular
neighbourhood for local middle-to-upper income residents, given its convenient location and historic appeal.
With the increase in affluence throughout Macau in recent years, the earning power of locals has increased, as has the desire to upgrade their lifestyle, and there is now a growing demand for quality accommodation.