Yesterdays bargain-basement apartments now reap today’s penthouse prices
Three years ago, it was the sort of second-hand Toi San flat that wouldn’t get the time of day from a prospective property buyer, even at MOP 170,000.Today, that same three-bedroom flat with 800sq feet in Toi San will cost you MOP 1.27 million. Welcome to Macau’s soaring second-hand property market.

Fast times
Not long ago, several realtors predicted that there would be 10-20 percent price increase in second-home costs. Today’s figures confirm their predictions.
According to Macau’s Finance Services Bureau, there were 16,421 secondary home transactions involving MOP 13.32 billion in the first three quarters of 2006. In Q3 last year, nearly 6,024 properties changed hands, for a total amount of MOP 5.25 billion. Of them, 3,811 (63.3 percent) were residential apartments, or MOP 3.28 billion. During the period of “property tax exemption”, only 940 first-hand apartments were sold for MOP 1.5 billion. By basic deduction, these figures also show that second-hand sales were only one-fourth the cost of new property.

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Underpinned by sustained property demand amid the strong economic growth, the Macau property market continued to grow in 2006.  Both the office and residential markets registered growth in capital values and rentals, while the retail property sector is taking shape to a more sophisticated landscape, says Jones Lang LaSalle at its Macau Annual Property Review for 2006 today.

During 2006, Macau’s GDP expanded by 15%, after a 6.7% growth in 2005.  Fixed asset investment and exports of services were the key drivers, which grew by 46.5% and 13.8% respectively.  With a more promising labour market and higher income levels, particularly those engaged in the gaming industry and for the young generation, private consumption expenditure increased by 7.6% in 2006.

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Posted in Condominium, Construction, Cotai Strip, Infrastructure, Macau Business, Macau General, Macau Property, Macau Retail, Macau Tourism No Comments »

The Ayala group, which is over 170 years old, has interests in sectors such as real estate, banking and telecommunications and management and development of drinking water distribution networks.

Philippine group Ayala, owned by one of the country’s richest families, has invested some US$100 million in two real estate projects in Macau and Beijing. The Ayala group invested a total of US$75 million and third party investors are needed to complete the investments, no further details were given.

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Information from the Statistics and Census Service showed that in the fourth quarter of 2006, construction of 25 buildings was started, with 2,923 units and 464,752 m^(2) in gross floor area, up 15.4% and down 20.9% respectively over the fourth quarter of 2005, and up 8.5 times and 1.6 times respectively in comparison with the third quarter of 2006. A sum of 2,299 parking spaces for cars and 416 parking spaces for motorcycles were provided. In 2006, the newly started buildings provided 4,756 units and 1,054,289 m^(2) in gross floor area, down 3.9% and 50.6% year-on-year respectively.

In the fourth quarter of 2006, a total of 26 buildings were completed and extended, involving 122 units and 213,363 m^(2) in gross floor area, down 67.6% and up slightly by 1.0% respectively over the fourth quarter of 2005, and down 94.0% and 60.2% respectively in comparison with the third quarter of 2006. A sum of 487 parking spaces for cars and 107 parking spaces for motorcycles were provided. In 2006, the completed and extended buildings provided 3,026 units and 1,276,321 m^(2) in gross floor area, up 1.4 times and 2.3 times year-on-year respectively.

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Legislators demanded suspension of investment immigration programme, expressing concerns that apartments have become unaffordable among locals.

In interviews with daily newspaper Jornal Va Kio, Ng Kuok Cheong (???) pointed out that land concessions with prices much lower than market values had resulted in an increased supply in real properties, while there is no increase in cash supply.

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Information from the Statistics and Census Service indicated that in 2006, 13,593 real estate sale and purchase contracts were made, with a total value of MOP11.62 billion, down 32.1% and 27.4% respectively over 2005. In the fourth quarter of 2006, 3,701 real estate sale and purchase contracts were made, involving the transaction of 4,541 real estate units, a year-on-year increase of 8.0%. The corresponding total value of contracts in the fourth quarter went up 36.1% to MOP3.1 billion. In comparison with the third quarter of 2006, the number of contracts and their value decreased 0.2% and 15.8% respectively.

In 2006, the total value of mortgage credits expanded to MOP65.03 billion, up 2.8 times year-on-year. In the fourth quarter of 2006, the total value of mortgage credits was MOP4.43 billion, of which mortgage credits not involving actual property transactions reached MOP3.31 billion, whereas those related to purchases of real estate was MOP1.12 billion, equivalent to 25.3% of the total. The total value of mortgage credits was down 11.6% over the fourth quarter of 2005, and those involving actual property transactions registered an increase of 36.7%. Compared with the third quarter of 2006, the above indicators were down 74.9% and 4.7% respectively.

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Posted in Condominium, Development, Economy, Macau Business, Macau General, Macau News, Macau Property No Comments »

Shun Tak Holdings has said that more than HK$6 billion(US$770 million) has been generated from sales of One Central Residences, the company’s joint-venture luxury residential project in Macau with Hongkong Land.

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Posted in Condominium, Development, Macau Property, Stanley Ho No Comments »

Macau people buying homes in the mainland are to get greater protection under a proposed new property law.The new law, which would strike a balance between private property and state ownership, would strengthen the confidence and desire of Macau people who plan to purchase properties in the mainland, local National People’s Congress deputy Ip Kwok-him said Monday.

Macau deputies to the NPC and the Chinese People’s Political Consultative Conference were briefed on the new law by NPC vice chairman Sheng Huaren, who hosted a preparatory meeting in Shenzhen Monday ahead of the annual NPC session starting in Beijing March 5.

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