Emperor buys Macau property for HK$430m

PUBLISHED : Thursday, 27 December, 2007, 12:00am
UPDATED : Thursday, 27 December, 2007, 12:00am

Emperor International Holdings has stepped up its investments in Macau with the purchase of a commercial-residential property for HK$430 million.

The company said it bought a three-storey block with a saleable area of 10,167 square feet in the city's downtown area.

Emperor International executive director Donald Cheung Ping-keung said the purchase was made in view of the recent economic growth in the city led by the booming tourist and entertainment industry.

Located at the junction of Avenida do Infante D Henrique and Avenida da Praia Grande, the property currently generates HK$588,000 in rental revenue a month.

Emperor said it paid an initial deposit of HK$10 million. The balance will be paid by March 17 next year.

Mr Cheung said the acquisition reflected the company's confidence in the Macau property market, buoyed by the booming gaming industry.

The company also owns a number of shops in Macau.

The latest property acquired by Emperor is in Macau's traditional central business district.

The outlook for the area was expected to remain positive and would be not replaced by the fast-paced development of new tourism and business districts such as Cotai, said Dennis Wong Chun-lam, a director at Ricacorp Properties' Macau office.

Mr Wong said rents for shops on Avenida da Praia Grande rose more than 20 per cent last year.

Emperor said its property portfolio, spread across Hong Kong, Macau and the mainland, had a total value of about HK$10 billion at the end of September.