BY TIAGO AZEVEDO
The Waterside in One Central on the edge of Nam Van Lake is the jewel in the crown of Macau Property Opportunities Fund's portfolio. Leasing has just started and prospects are looking good.
The purchase of Tower 6 at One Central - now renamed The Waterside – was a unique move for Macau Property Opportunities Fund Limited (MPO).
MPO was one of two institutional investors that bought a whole tower back in 2006 and according to Tom Ashworth, company non-executive director: "One Central was a case where Hongkong Land and Shun Tak branding was something very difficult to replicate. They are top-tier developers in the market place." He explains that MPO will only buy from another developer in unique circumstances.
"It's probably not going to happen again for a long time, because our main focus is developing our own assets," says Ashworth, who also director of Sniper Capital, the company that manages MPO.
Besides the quality of the developers, MPO has taken the Waterside experience to a whole new level. Since the handover of the building in August 2009, the fund has put a lot of effort into interior enhancements and nothing has been left unattended.
Apart from the beauty of an unobstructed 180-degree panoramic view and the proximity to Nam Van Lake, which offers a serene water front promenade, MPO is determined to offer "true tailored luxury apartments".
Design and services
For The Waterside to become the ultimate experience in living, MPO has invited in famous Japanese designer Yasumichi Morita - whose work has successfully expanded from Tokyo to New York, London, Hong Kong and Shanghai.
The development only has 59 flats, but it will comprise three different environments - contemporary and classic for the standard units and grand deluxe (simplex and duplex) for the upper floors.
The interior design will be adapted to the tenants' tastes, but unfurnished apartments (there are only two per floor at 2,000 square-feet each) are also on offer.
All of the flats have three en-suites, a fully equipped kitchen and large internal areas, and above all, a great view that gives the impression of open space.
In addition, there are also a wide range of services provided that go beyond housekeeping, which can go from setting up a birthday party to getting an in-house chef for a private dinner.
The whole of this offer is complemented with a spacious club house and multiple zones of comfort.
"We feel that in terms of quality, position, location and also the superiority of the developers, Macau has never seen anything like this and it will take the local luxury market to a new level.*' says Ashworth.
Looking good
Four years ago, MPO paid HK$4,500 per square-foot to acquire Tower 6, a site with a gross floor area of 201,000 square-feet, adding 25 individual units by the end of 2007.
Their total commitment reached US$138 million, and the financing for the project was secured by an US$82 million loan facility arranged with a consortium of international banks led by HSBC.
'We know it was a very high price for Macau luxury at the time, which before that was probably around HK$3,700 per square-foot. But the reason was because there was nothing comparable lo this quality. What was called luxury in Macau was probably mid-market in Hong Kong.' the Sniper boss points-out.
Interesting inquiries
For now, the fund is focused on leasing apartments.
"'There are only 59 flats in this tower, so it is very niche. We believe we can add value by leasing out to senior expats."
However, MPO is open to different clients, be they locals or from overseas.
"A lot of people have not moved to Macau because they haven't been able to find something that offers this kind of quality. This is their opportunity," he says.
The cost of renting an apartment in The Waterside will obviously differ depending on the package each clients take per month.
'The range of pricing is somewhere around HK$30,000 upwards," says Ashworth.
The leasing program began at the end of February.
"It takes time to warm-up. We will have a better idea of the campaign in the first couple of months, but we have had some very interesting inquiries so far," he adds.