A site was sold at a government land auction in Macau yesterday for 555 million patacas (US$70 million), 10 times higher than the reserve price. The 18,000-square-foot site had a reserve price of 55 million patacas(US$7 million).

A total of two connected residential sites in Fai Chi Kei, located at the northern part of Macau peninsula, were sold through tender at Macau’s second land auction since the 1999 handover.

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Posted in Development, Economy & Business, Macau General, Macau Property, Macau Real Estate No Comments »

Institutional Investor Conferences announces the 3rd Annual Macau Investment Forum, to be held February 21-22, 2008 at the The Venetian Macau Resort Hotel. Following with tradition, the 2008 Forum will bring together global investors, issuers, and gaming and entertainment professionals with their Chinese counterparts.

This event will offer participants unique, interactive and in-depth discussions on Macau’s gaming and lodging industries, real estate sector and tertiary services by offering expert insight into the financial and legal implications of these developments.

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Posted in Macau Business, Macau Events, Macau Gaming, Macau Investment, Macau Property, Macau Real Estate, Macau Tourism No Comments »

Hong Kong-based investment company Emperor International Holdings is to acquire a commercial property in Macau for HK$430 million(US$336.4 million). The site is in Avenida da Praia Grande, a central commercial area in downtown Macau. The terrace of three-story commercial buildings has a total saleable area of 10,167 square feet, and the company said the purchase will be funded by internal resources and bank financing.

“We are pleased to secure the site in view of the recent growth of the Macau economy led by the booming tourist and gaming industry,” said Donald Cheung, executive director of Emperor International. “The site is in a prime area for retail and commercial development. It demonstrates our strength in property investment and the continuous improvement of the Macau property market.”

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Owners of domestic housing units that are rented out are likely to get tax breaks of up to 3,500 patacas (US$437.50) next year, alongside with owners of owner-occupied flats.

This was disclosed today by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, after he had discussed the Government budget for the fiscal year 2008 with members of the First Standing Committee of the Legislative Assembly.

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Real estate investment manager Speymill Group warned that profits are likely to fall short of expectations this year, owing to delays in its investment schedules and a one off cost for reincorporating in the Isle of Man.

The company has experienced planning delays for construction projects in Macau which will depress the level of investment made by Speymill Macau Property Company.

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Posted in Construction, Development, Macau Business, Macau News, Macau Property, Macau Real Estate No Comments »

In Macau there were 11,274 real estate sale and purchase contracts with a total value of MOP12.09 billion were made in the first three quarters of 2007, up by 14.0% and 42.0% respectively year-on-year. In the third quarter of 2007, a total of 2,878 real estate sale and purchase contracts were made, involving the transaction of 3,783 units, which dropped by 16.9% and 22.0% over the same quarter of 2006 and the second quarter of 2007 respectively. The corresponding total value amounted to MOP4.09 billion, up by 11.0% year-on-year and 4.7% over the second quarter of 2007.

In the first three quarters of 2007, the total value of mortgage credits granted reached MOP87.28 billion, up by 44.0% year-on-year. In the third quarter of 2007, value of mortgage credits amounted to MOP26.94 billion, of which those relating to purchase of real estate was MOP1.36 billion, up by 52.4% and 15.6% respectively over the same quarter of 2006. Compared with the second quarter of 2007, the total value of mortgage credits decreased by 49.6%, while those relating to purchase of real estate fell by 23.4%.

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Posted in Condominium, Construction, Design & Construction, Development, Macau Property, Macau Real Estate No Comments »

The Macau construction sector registered significant increase in all principal indicators in 2006 that was underpinned by the various large-scale construction projects in progress. In 2006, there were 1,600 establishments operating in licensed construction works, an increase of 181 establishments over 2005.

Number of persons engaged rose by 58.5% to 25,339. Gross output (total value of construction works performed and other receipts) and gross value added amounted to MOP40.36 billion and MOP7.34 billion respectively, up notably by 106.7% and 148.5% over 2005.

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Posted in Condominium, Construction, Design & Construction, Development, Hengqin Island, Macau Property, Macau Real Estate No Comments »

Centraline has just released the Macau Ginza Plaza ???? condominium project on the Macau Peninsula, located just south of the fort.

The project will be 15-story’s high and consists of;

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