MPO commences first redevelopment project in Macau
March 2010 | Macau Property Opportunities Fund Limited
MPO commences first redevelopment project in Macau
Unique residential property will preserve local heritage in UNESCO district
Macau Property Opportunities Fund Limited today announces that it has commenced its first redevelopment project at Rua da Penha in Macau, following the receipt of architectural planning approval and demolition licences.
The residential property, which incorporates the preservation of the existing colonial façade, is located in the “Historic Centre of Macao” which was recently declared a UNESCO World Heritage district. Once completed, the project will complement the numerous historic buildings in the area which have recently undergone an extensive government restoration programme.
Situated in a sought after neighbourhood of Macau Peninsula close to the prestigious area of Penha Hill, this unique property will provide an estimated 80,000 square feet of low-rise apartments positioned towards local residents. Growing affluence and increasingly discerning tastes are driving the demand for welllocated, high quality accommodation in Macau.
Demolition of the existing buildings located on the site is expected to take ten weeks and the project’s estimated completion is mid-2011.
The Company is currently preparing its marketing strategy for the property, with a public sales campaign expected to be launched in the second half of 2010.
Update on other Macau developments
Rua do Laboratório
The demolition of the disused buildings situated on this entry-level residential redevelopment project was completed in January and the site cleared and secured. The government responded positively to the architectural submission made in late 2009, subject to some minor revisions which have now been addressed and responded to. Architectural planning approval is anticipated in Q2 2010 and the project’s estimated completion date is late 2011.
Senado Square
This mixed-use redevelopment project, situated in the heart of Macau’s historic tourist district, is subject to strict guidelines for heritage conservation which have now been fully complied with. Architectural approval, however, remains subject to ongoing negotiations with relevant government departments. This has resulted
in an estimated delay of six months, pushing the target completion date to end-2011.