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Discussion Starter · #1 ·
This project is a joint venture between TREG and a well known multi billion US$ insitutional real estate investor from the US.

Designed by Mr. Jim Hancock and Gwyn Vose, both world renowned architects of the IBI Group, this unique residential project is located in the most prestigious area of Macau in between Nam Van Lake and Sai Van Lake, near the Macau Tower. Boasting a superb view of Nam Van Lake, it oversees The Wynn Hotel, MGM Grand Macau and Mandarin Oriental on one side and Penha Hill (主教山教堂) on the other.

The project consists of two 35-storey residential towers. Each offers luxury residential units with unobstructed panoramic views of Macau’s prestige skyline. With unit sizes ranging from 800 sq. ft. to 4,000+ sq. ft., this opulent property is targeted for completion by the 2nd half of 2008 to 1st half of 2009.

Source : http://www.tenacityintl.com/

 

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Looks like a very nice building ....
Wonder what price ?? Maybe 5+k psf for nice lake view ??? (since most projects elsewhere now at 5k). Maybe much more given nice designer also (20%+ ?).
 

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Discussion Starter · #3 ·
Anyway, the price will not be really matter, it will not cost more than $5m+ and from what ive known and from my parent, the price of luxury apartment are start decreasing nowadays because of the over supplies.

I dont know if this project has started construction yet or not, this will be a nice addition to the skyline once it completed and the Nam Van Lake area will be full of skyscrapers and townhouses when all the projects completed by the end of 2010.

there is another apartment project currently under construction aroudn the Nam Van Lake area (doing the foundation now) which was developed and built by a japanese firm, its a 54 storey tower with 240 units, the apartment is project to completed by the end of 2009 or in the first quarter of 2010.
 

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Isn't this a big dream?
 

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Guess more international funds are pouring into Macau ....

Oaktree Capital Invests in Macau Residential Project (Update1)

By Kelvin Wong
May 23 (Bloomberg) -- Oaktree Capital Management LLC, a Los Angeles-based investment firm with $40 billion in assets, will join a Hong Kong developer to build apartment towers in Macau, the world's biggest gaming hub.
The project will cost between HK$2.5 billion ($320 million) and HK$3 billion, said Patrick Wong, chief executive officer of Tenacity Real Estate Group Ltd., in an interview yesterday. Wong declined to specify how much each partner would invest.
Macau's property prices are climbing as soaring gaming revenue and rising tourism boost the economy. Foreign investors are staking at least $25 billion on growth after the city, the only place in China where casinos are legal, ended billionaire Stanley Ho's gaming monopoly in 2001.
``Macau's property market is still vastly undervalued,'' said Wong, who worked as a fund manager at Los Angeles-based Trust Company of the West Inc. before founding Tenacity in 2005. ``The city has developed from a derivative of Hong Kong into a truly international city in a very short time.''
Foreign funds accounted for about 74 percent of the 40 billion patacas ($5 billion) invested in Macau's property market last year, according to a report by Jones Lang LaSalle Ltd., a real estate agency. The report didn't give comparative figures.
The investment would be the second in Macau by Oaktree Capital. While Oaktree confirmed the partnership, it declined a request for an interview.
The company is among U.S. investors that hold a stake in Macau Studio City, a project consisting of theater, television and film production facilities on the city's Cotai Strip. Other investors include Singapore's CapitaLand Ltd. and Hong Kong developer eSun Holdings Ltd.
Property Buyers Increasing
The project by Oaktree and Tenacity consists of two apartment towers to be built near Nam Van Lake on the Macau peninsula, including 300 luxury units. Sales will begin next year, with completion scheduled in 2009, Wong said.
Real estate in Macau last year sold at an average 1,519 patacas per square foot, more than doubling from 2002, according to Midland Realty Ltd., a Hong Kong-based property agency.
Macau's gaming revenue jumped 22 percent to $6.94 billion last year, surpassing the Las Vegas Strip's $6.69 billion.
Property sales in the first quarter reached 14 billion patacas, more than tripling from a year earlier. The number of units changing hands more than doubled to 10,324.
``The number of people -- whether they're local Macanese, Hong Kong investors or expatriates working here -- who have shown interest in buying luxury properties is still on the rise,'' Wong said.
Economic Growth
Last year, Shun Tak Holdings Ltd. and Hongkong Land Ltd. sold all 800 apartments at One Central Residence, a luxury real estate project on the Macau peninsula, at an average price of about HK$5,000 per square foot. The apartments are scheduled to be finished in 2009.
Tenacity is also a partner with another U.S. investment fund in an $800 million project to redevelop an office and retail building in Macau's central business district, Wong said. He declined to name the fund.
The two Macau properties are the first projects by Tenacity. With a staff of about 30, Tenacity is also looking into projects in Hong Kong and cities in mainland China, including Shanghai, Guangzhou, Hangzhou and Chengdu, Wong said.
``Macau has all the right conditions to become a base for businesses aiming to develop in Southern China,'' Wong said. ``Many people have overlooked this potential.''
Macau's economy may grow 16.5 percent this year and next according to Enoch Fung, a Hong Kong-based economist at Goldman Sachs Group Inc. The economy grew 16.6 percent last year, more than twice as fast as its 6.9 percent expansion in 2005.
Macau has a population of about 500,000 compared with Hong Kong's 6.9 million. The former Portuguese colony is also one-40th the size of Hong Kong.
 

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From Macaodaily:

另外,外部資本持續流入本地物業市場,其中因素是預期價格上升能取得高回報。據統計資料,去年,非本地人買樓的資金增加了百分之廿二點七至一百二十九億元,約佔當年樓宇總成交價的百分之五十一點三。但買樓的非本地人數目,下跌了百分之零點三至一萬一千七百一十人次,佔去年總買家人數的百分之卅五點二。

http://www.macaodaily.com/

More than 50% of Macanese real estate was brought by non-macanese or foreign fund in 2006.

I want to do a survey here, will you buy a house within this year ??

TeddyinMacau
 

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Anyway, the price will not be really matter, it will not cost more than $5m+
If there are 300 units, and project cost 2.5-3bn, then average COST is about HK10m per unit. If you add 33% profit, then project sells at HKD13.3m each on average. Don't know the project area, but based on average amout indicates price around HKD6-7k psf. This may be conservative - funds like Oaktree normally look for 100% over 3 years.
 

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From Macaodaily:

另外,外部資本持續流入本地物業市場,其中因素是預期價格上升能取得高回報。據統計資料,去年,非本地人買樓的資金增加了百分之廿二點七至一百二十九億元,約佔當年樓宇總成交價的百分之五十一點三。但買樓的非本地人數目,下跌了百分之零點三至一萬一千七百一十人次,佔去年總買家人數的百分之卅五點二。

http://www.macaodaily.com/

More than 50% of Macanese real estate was brought by non-macanese or foreign fund in 2006.

I want to do a survey here, will you buy a house within this year ??

TeddyinMacau
Welcome Teddy.
I have bought property in Macau and in Singapore because of the casinos. Singapore is up by 60-70% in 1 year. I now expect 100% possible by year 2. I expect Macau to do the same.
Because I have already bought, I probably will not buy more, but I do expect growth of 25% this year. If Macau really does become the Las Vegas of Asia, then Macau is an excellent investment. That is why foreign funds are buying.
If you look at London, most of the buyers of luxury apartments are now foreigners, and look how expensive it is now !!!. Same with Singapore. This is to be expected if you want to become a global city. This means the govt must build mass residential themselves. Property prices will match HK prices as for the first time, Macau is no longer a 'backwater of HK' but a destination on its own right. It may even be more attractive than HK !!
So if you look at the fundamentals, Macau property is a buy.
 

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Have just been contacted by an agent, a project in area C, 4 buildings of 50 storeys high. Confusingly, attached picture is same as this project ??
Anyway, construction cost of $2.5k psf, opening price expected to be $5-8k psf. Construction completion by 2010 (could this be the Japanese one rather than this ?

Also, expected launch of Venetian/Four Season apartments due later this year. According to Sidney Adelson, they have apparently got a showroom in Lippo (Ctr in HK?). Expected launch prices are USD800+psf (HKD6.4k) though they expect to sell at $1k psf. The Four Season serviced apartments will go for $1400 psf (around HK$11k psf).
 

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To clear things up -
Tenacity project 2 towers of 35 floors

New project is 4 towers of 50 floors, with construction cost of HKD2.5k psf. This is a luxury residential project developed by LaSalle Investment Management, to be named Bel-lago. The site acquired was announced in Sep 2006, with project due in 2010.
 

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Discussion Starter · #16 ·
I think this project will have to delay indefinitely or need to redesign again, people who have already invest in this twin buildings will be in trouble as the government will impose the height limit in this area. This will also affect the other project as well: Bel-Lago, a 50 storey 4 towers apartments project next to the Macau Tower, and the Shun-Tak developments (thats why we dont see any sign or progress for this project now after the plan was purposed so many years ago)
 
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