MPO achieves 50% occupancy rate for The Waterside
Second phase of premium leasing campaign commences following strong demand
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, is pleased to announce that it has achieved a key milestone in the leasing take-up for its luxury residential asset, The Waterside, with over 50% of the standard apartments leased.
To date, 29 or 54% of the project’s standard apartments have been successfully leased, with the majority on 12-month lease periods.
The most recent leases agreed were at a face rental rate of HKD20 per square foot per month – representing a 25% growth in rentals since the leasing programme commenced in early 2010, and a gross yield of 3.10% based on the latest published valuation for the building.
The Waterside has attracted a diversified tenant base made up of predominantly senior Asian and international business professionals involved in Macau’s burgeoning gaming and infrastructure industries.
Capitalising on this strong demand, MPO is launching the second stage of its leasing campaign with the release of further furnished apartments on high floors.
Fit out works for the three simplex and two duplex apartments which will collectively constitute approximately 20% of the estimated rental value for the building, are nearing completion. A series of high profile campaigns are being planned to coincide with their launch in Q1 2011 and to further establish The Waterside brand.
David Hinde, Chairman of MPO said: “The encouraging leasing progress at The Waterside confirms our belief that there is a real and growing demand for true luxury rental accommodation in Macau.”
Further details
Since its launch in early 2010, The Waterside has established an unprecedented standard of accommodation in Macau’s premium residential rental market. The Company’s leasing strategy includes diversification of tenant mix and a minimum 12-month lease period to ensure stable yields.
As the only en bloc-owned tower located in One Central Residences - Macau’s most prestigious residential development – The Waterside is an elite collection of 59 apartments, all enhanced to international design standards, and offering residents flexible leasing packages in addition to tailored services.
About The Waterside and One Central Residences
Occupying the entire Tower Six in One Central Residences*, The Waterside consists of 59 apartments including two duplexes and three simplexes. Unit sizes range from 2,270 square feet for a standard three-ensuite unit to 4,740 square feet for a duplex with balcony.
MPO acquired the entire residential tower off-plan in 2006 and upon handover in 2009 further enhanced the apartments to world class luxury standards.
Apartments feature exclusive interior designs and furnishings by Japanese designer Yasumichi Morita and are luxuriously appointed with top-of-the-range appliances.
www.thewatersidemacau.com