The new housing complex near the Macau Peninsula reservoir, M Residences, invested in and developed by Hong Kong-listed Lippo Ltd., will be ready for occupation within two to three months, Business Daily has learnt from estate agencies.
The 13-storey residence, situated on a site occupying about 3,398 square metres, is providing 311 homes, of which over half are ‘roomless’ flats, or studio flats. The residential project is the only housing complex Lippo Ltd. has put on sale in Macau, with over 90 per cent of the unfinished units pre-sold in 2013 and before.
“Now we’re basically launching sales of 5 remaining units of M Residences; their average size is about 110 square metres to 190 square metres,” head of residential at Jones Lang LaSalle Macau Jeff Wong Chi Wai told Business Daily. Jones Lang LaSalle Macau is the sole sales agent for the project.
The remaining small-size units at M Residences, which are two to three-bedroom flats, are to be sold at an average price of HK$8,000 per square foot (or HK$86,080 per square metre).
The occupation permit for M Residences is expected to be issued “soon”, and the housing complex should be ready for living in within two to three months, according to Jones Lang LaSalle Macau and Greatest Properties Ltd.
Both agencies reckon that home projects similar to M Residences, which are dominated by small size units or studio flats, will become a mainstream type of product launched by developers in the local market.
“We’re referring to small size flats of about 1,200-1,500 square feet” the chief executive officer of Greatest Properties Ltd., Yu Ming, said. “As these units are generally of a smaller lump sum [purchase cost] and are easier to be leased than the big flats, they are preferred by some investors here.”
Of the city’s unfinished homes, average saleable area has shrunk from 84 square metres as at May 2013 to 75 square metres in April this year, available data released by the Financial Services Bureau shows. The average price for these homes, meanwhile, has risen by nearly 19 per cent from MOP120,077 per square metre in May 2013 to MOP142,524 per square metre in April.