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Pre-sales of M Residences reach HK$198 million 07/02/15

Hong Kong developer Lippo Ltd. said the pre-sales of its new housing complex near the reservoir on the Macau Peninsula, M Residences, has brought it profits of some HK$198 million (US$24.7 million) as of Tuesday.

The company filed a positive profit alert with Hong Kong Stock Exchange on Tuesday after trading hours, indicating that the HK$198 million it generated from the pre-sales of the housing project will be recognised in its interim results ended September 30 this year.

In the same filing, the company also announced that M Residences, which is its only housing project in the Special Administrative Region, has already been given an occupation permit by the Macau Government.

The 13-storey housing project occupies some 3,398 square metres, providing a total of 311 units, of which more than half are studio flats.

The annual report of Lippo released on Monday indicated that 96 per cent of the total saleable area of 26,025 square metres of M Residences was pre-sold at an aggregate consideration of HK$1.2 billion as at March 31 this year.

The company also claimed in the Monday filing that all the site works of the projects had been completed.

Last month, the sole sales agent for the project, Jones Lang LaSalle Macau, told Business Daily that over 90 per cent of the units of the project were pre-sold in 2013 or before.

SOURCE http://www.macaubusiness.com/news/m-residences-pre-sales-amount-to-hk198-mln-so-far.html

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