The Macau Property Opportunities Fund has achieved record rentals for units in The Waterside, a luxury residential block in Macau that it bought from Hongkong Land and Shun Tak Group in 2006.
The British-listed fund bought block six in the seven-block complex, One Central, for HK$673 million or HK$4,550 per square foot and if it chose to sell the 59 units in the block, it could reap a windfall profit of more than 30 per cent, based on prevailing property prices that have risen to more than HK$6,000 per square foot.
'But the property is well-located in the city centre, enjoys views over the Nam Van Lake and was built by developers with good reputation. You can't find a similar project in the city,' said Cello Chan, associate director at Sniper Capital, the management company of the Macau Property Opportunities Fund. 'We are also optimistic on the luxury residential market. So we rather release it for lease only.'
The Waterside's 59 apartments range from 2,265 to 4,741 sqft.
The Macau fund spent less than HK$1 million on furnishings to each standard flat in the block and HK$5 million each on the simplex and duplex units after the project was completed last year.
More than 10 flats have been leased since the project was launched last month and the average rental achieved is HK$20 per square foot - a record high for residential rents in Macau.
