New Property Launches - One Grantai, Taipa

[ChauTauVillager]

Location: Antiga Estrada Nova do Miradouro No 1, Tai Tam Shan, Taipai (Directly North and next to Cotai Strip), facing (left/west block) The Venetian.

Description: Six blocks with high quality finishes (6-star hotel lobby), 70k sq ft Club House, 33 stories.
Completion: Early 2010
Pricing: First launch pricing around HKD4.5-5k psf, 3 beds around 2000-2300 sq ft (prices HKD9m (inside view) to HKD11.65m (open/sea view) mid floor).

Comments: If successful, expect higher prices as Venetian view units not launched yet (first phase view is either inside block or sea view).

[ggaaxx]

If it is near Tai Tam Shan, there should be a cemetery nearby too. Do you know which company is building it?

[ChauTauVillager]

Developer is the owner of Rio Hotel, Sai Kei Hou Yuen Kuok Chai Real Estate Development .
The rendering of the lobby/facilities looks very grand - very French, Versailles look. Location is quite good for Cotai. Right next to it (ie next to Venetian), though the first release block, I think you can't see it as it faces the East (Airport)

[SeeMacau]

Not a bad design, btw, ChauTauVillager, where did you get the rendering from?

[ChauTauVillager]

Got rendering from property agent.
Since you like it so much, here's some more !!

Development view looking at Cotai (not sure how accurate !!)


One of the common rooms. Very Versaille's.


Lobby


Swimming pool

[ggaaxx]

The interior is so grand, can't imagine it is a residential building.

[heisnt]

Crazy!
Where it locates is a crazy place!!!!

[MacauVillager28]

Project officially launched ....
Show in HK this weekend. Lots of promotion on HK TV, newspapers, plus also on CNBC Asia (not sure CNN). Also included ad TV special on ATV in HK.

Media reports minimum price for project is HKD9.5m. I think prices seem to be HKD5-7k.

Heisnt: re location, ads are promoting the view of Venetian, on the hilltop location, with lush trees and greenery !!!

[MacauVillager28]

Update:
Very hot hot sales !!!

Apparently only 40 units left after weekend. Supposed to be over 1k units !!! However, not sure if developer is being sly, and hasn't released all units tho...

Prices have hit up to HKD7.8k psf for this (believe it was around HKD4.5k at soft launch)....

[MacauVillager28]

Report on Saturday, HK Economic Times, said 770 units sold (?? thought there were less than 700 units). They gave a list of prices with most units at HKD7-7.5k psf, with smallest size approx 2100 sf (or HKD15m+).

Today (Monday), another update, One Grantai has hit HKD8.4k psf !!!!
Given the hot sales at these prices, surely C5-6 and Venetian apartments projects will launch at HKD10+k psf or even 20-30% more for best units!!!

Sample prices from Saturday's HKET (all Block 4, IMHO prob 2nd best block, but only half face Venetian (ie lower prices are inside, looking at hill (smaller units Q&R). Best Block is Block 1, but min size is over 5k sf.
19/F, Flat O: 3025sf, HKD21.961m, HKD7260 psf (venetian view)
19/F, Flat P: 3041sf, HKD22.229m, HKD7310 psf (venetian view)
19/F, Flat Q: 2180sf, HKD14.671m, HKD6730 psf (hill, Taipa view)
19/F, Flat R: 32203sf, HKD15.267m, HKD6930 psf (hill, Taipa view)
20/F, Flat O: 3025sf, HKD22.355m, HKD7390 psf
20/F, Flat P: 2996sf, HKD22.290m, HKD7440 psf
20/F, Flat Q: 2180sf, HKD15.020m, HKD6890 psf
20/F, Flat R: 2159sf, HKD15.307m, HKD7090 psf

Note these are mid-floor units (33 floors). Also note, if you want a view of Venetian (as opposed to hill), YOU NEED TO PAY HKD22m !!!

Surely even the cheapest One Central units should also start at HKD6.9k psf (since they all have at least part seaview ?)

[FourSeasons]

Another record set at One Grantai. This is time it is $8600.



http://www.singtao.com/yesterday/pro/0905ho04.html

[SeeMacau]

The property market now in Macau is indeed not very healthy, do you know why these units sell out so quickly? Because of property speculation, its "definitely not about high demand". These investors just want to most out of it from the property boom, but never thought about it will causes the overall property price rise sharply, and people will become unaffordable and force to live in public housing. I hope the gov and the new transportation minister can do something to control or lower down the property price (maybe changing the law) until an affordable range so people can afford it.

Have you ever thought about what is the impact if the property price cool down or collapse one day? These people are going to end up with nothing as time passes.

One Grantai is not worth $20m, way too overprice even though the view is good and with the location.

[MacauVillager28]

Originally Posted by FourSeasons

Another record set at One Grantai. This is time it is $8600.



http://www.singtao.com/yesterday/pro/0905ho04.html

Wow... Catching up with HK prices.....
FourSeasons. RU linked to the new development, or RU waiting for the Venetian FourSeasons apartments ???

[MacauVillager28]

Originally Posted by AsIaBoYz

The property market now in Macau is indeed not very healthy, do you know why these units sell out so quickly? Because of property speculation, its "definitely not about high demand". These investors just want to most out of it from the property boom, but never thought about it will causes the overall property price rise sharply, and people will become unaffordable and force to live in public housing. I hope the gov and the new transportation minister can do something to control or lower down the property price (maybe changing the law) until an affordable range so people can afford it.

Have you ever thought about what is the impact if the property price cool down or collapse one day? These people are going to end up with nothing as time passes.

One Grantai is not worth $20m, way too overprice even though the view is good and with the location.

A lot of Shenzhen houses are now worth HK25m+.....

I think there will have to be a two-tier market... In Singapore, 80+% of homes are government linked. In HK, the government still provides homes for 30-40% of the population. In the UK, the government is considering offering subsidised housing for key staff in London/expensive parts of England.
There is nothing necessarily wrong with government housing. In practically all countries, many people are happy prices are rising (SG, UK, HK etc). Rising better than falling prices (US, Macau, HK, SG/Asia during SARS). Surely that really was a bad time for everyone.

Macau residents are now also getting higher and higher pay rises. I met a young graduate from the UK who likes Macau and want to work there one day - he just got an offer for his first job in the Las Vegas for USD100k/ year...

Macau was the 'poor' brother to HK before. Do you want to stay that way ??
There will be more and more jobs like above, and some of these jobs will go to new Macau graduates also...

[FourSeasons]

Originally Posted by MacauVillager28

Wow... Catching up with HK prices.....
FourSeasons. RU linked to the new development, or RU waiting for the Venetian FourSeasons apartments ???

Not involved in both projects. But i did buy One Central when it was launched.

[MacauVillager28]

Welcome FourSeasons to the Forum..
I'm also an vested in One Central (hence why I started these streams - there is a lack of info in Macau on this), and hoping this section becomes as active as the Singapore section...

Nice to finally meet a fellow 1CR investor.

Surely 1CR is now vastly undervalued at these prices... I think it should be equal to One Grantai.

[FourSeasons]

Originally Posted by MacauVillager28

Welcome FourSeasons to the Forum..
I'm also an vested in One Central (hence why I started these streams - there is a lack of info in Macau on this), and hoping this section becomes as active as the Singapore section...

Nice to finally meet a fellow 1CR investor.

Surely 1CR is now vastly undervalued at these prices... I think it should be equal to One Grantai.

Thanks for welcoming me. Do you know the payment scheme for One Grantai? I suspect it is more attractive for speculators to buy One Grantai from the developer than to buy One central from the sellers, which is why there is a price disparity. Based on design and the reputation of the developer, there is no reason why One Central should be cheaper on per sq ft basis.

[MacauVillager28]

Originally Posted by FourSeasons

Thanks for welcoming me. Do you know the payment scheme for One Grantai? I suspect it is more attractive for speculators to buy One Grantai from the developer than to buy One central from the sellers, which is why there is a price disparity. Based on design and the reputation of the developer, there is no reason why One Central should be cheaper on per sq ft basis.

As it happens, have email fm agent. Not sure if there are 'discounts' as well, but I think basic package is 10% upfront, 5% at 90, 180, 270 and 360 days, 70% on completion (in 2010). This is fairly reasonable. If there are no discounts, then this doesn't explain the difference.
However, I keep getting agents calling me if I want to buy - If reportedly 90% sold, they shouldn't need to hunt for buyers. Also strangely, agents said what price I'm looking for ??

You also never know, if special investors could just lay down just 10% at a high price and not pay anymore til completion. If Wenzhou investors are in, they could've bought a lot for a bet at better terms. They are famous for buying en-masse.

However, I'm not totally surprised by prices... given Midland's predictions of HKD20k psf in 2008. Also Mr Adelson did say in November 2006 (before 1 Central sold) they were going to sell their properties at USD1.4k (HKD11k psf) for the Four Seasons serviced apartmetns, and up to HK6.3-8k psf for other normal apartments. Given One Grantai and other recent sales, this may be moved up (so maybe the normal apartments are priced at HKD8.5-10+k and Four Seasons serviced apartments in touching distance of Midlands 20k prediction ??)

[ggaaxx]

Finally, there is someone can be in-sync with your numbers, MacauVillager. Welcome to the board, FourSeasons!

[SeeMacau]

Originally Posted by MacauVillager28

A lot of Shenzhen houses are now worth HK25m+.....

I think there will have to be a two-tier market... In Singapore, 80+% of homes are government linked. In HK, the government still provides homes for 30-40% of the population. In the UK, the government is considering offering subsidised housing for key staff in London/expensive parts of England.
There is nothing necessarily wrong with government housing. In practically all countries, many people are happy prices are rising (SG, UK, HK etc). Rising better than falling prices (US, Macau, HK, SG/Asia during SARS). Surely that really was a bad time for everyone.

Macau residents are now also getting higher and higher pay rises. I met a young graduate from the UK who likes Macau and want to work there one day - he just got an offer for his first job in the Las Vegas for USD100k/ year...

Macau was the 'poor' brother to HK before. Do you want to stay that way ??
There will be more and more jobs like above, and some of these jobs will go to new Macau graduates also...

Rising is good, but the property price in Macau is rising way too high and too fast, its rising to a price where majority of people cannot afford, only a very small amount of people can afford and most buyers are not from macau, so do you think this is good?

Only those who works in casinos gets higher pay, but because of the rapid growing inflation rate and it causes everything getting a lot more expensive than before, thats why only some people can live better off and the others have to suffer

But at least people were happier before. Before in Macau you probably just need to spend about 7-10 years of your wages, to afford an apartment because property price was very cheap back at that time, but now if people want to buy an apartment, they have to spend at least 20-30 years of their wages, just like HK.