Macau Property Opportunities Fund (MOP) has acquired a luxury private residence on Penha Hill for HK$182.45 million (US$23.5 million), the company has announced. The property occupies 6,000 square feet and features three storeys and two basements.
“This strategic and highly complementary acquisition cements our positioning in the ultra-prime residential sector in Macau and is expected to create further value for our shareholders”, the Chairman of the Fund, David Hinde, said of the acquisition.
The fund managed by Sniper Capital Limited bought the luxury house directly from a local vendor at the price of HK$28,000 (US$3,615) per square foot. According to the company, such a house will target one of the company’s preferred market segments for exclusive detached houses.
However, Macau Property Opportunities already has plans for the residence, which will be combined with another property of the fund also on Penha Hill.
“The property adjoins an existing house owned by MPO, and it is the company’s intention to combine both properties into a single ultra-luxury residence”, it was announced.
The two properties combined will occupy more than 10,000 square feet of gross floor area and will account for close to 9 per cent of the fund portfolio value.
The fund also received good news related to its 80,000 square foot ‘The Fountainside’ project on Penha Hill. After buying it in October 2006 for HK$62 million (US$8 million) and investing another HK$116 million (US$15 million) in redeveloping it, the fund had been granted an occupancy permit by the Land, Public Works and Transport Bureau of Macau.
Until now the fund has received deposits totaling HK$50 million (US$6 million) but it is expecting to receive final payments that will amount to HK$147 million (US$19 million) upon handover of the sold units.