The Waterside Leasing Progres

RNS Number : 3811A

Macau Property Opportunities Fund

01 February 2011

 



Macau Property Opportunities Fund Limited

("MPO" or the "Company")

MPO achieves 50% occupancy rate for The Waterside

Second phase of premium leasing campaign commences

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces further progress on the leasing campaign for its premium luxury residential property, The Waterside.

To date, 29 or 54% of The Waterside's standard apartments have been successfully leased, with the majority on 12-month lease periods. Rentals have increased by 25% since the project's leasing programme commenced in early 2010, with the most recent leases agreed at a face rental rate of HKD20 per square foot per month. This equates to a gross yield of 3.10% based on the latest published valuation for the building.

The Waterside has attracted a diversified tenant base made up of predominantly senior Asian and international business professionals involved in Macau's burgeoning gaming and infrastructure industries.

Capitalising on this strong demand, MPO is launching the second stage of its leasing campaign with the release of further furnished apartments on high floors.

Fit out works for the three simplex and two duplex apartments, which will collectively constitute approximately 20% of the estimated rental value for the building, are nearing completion. A series of high profile campaigns are being planned to coincide with their launch in Q1 2011 and to further establish The Waterside brand.

David Hinde, Chairman of MPO said: "The encouraging leasing progress at The Waterside confirms our belief that there is a real and growing demand for true luxury rental accommodation in Macau."

Further details

Since its launch in early 2010, The Waterside has established an unprecedented standard of accommodation in Macau's premium residential rental market. The Company's leasing strategy includes diversification of tenant mix and a minimum 12-month lease period to ensure stable yields.

As the only en bloc-owned tower located in One Central Residences - Macau's most prestigious residential development - The Waterside is an elite collection of 59 apartments, all enhanced to international design standards, and offering residents flexible leasing packages in addition to tailored services.

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The Waterside

Occupying the entire Tower Six in One Central Residences*, The Waterside consists of 59 apartments including two duplexes and three simplexes. Unit sizes range from 2,270 square feet for a standard three en-suite unit to 4,740 square feet for a duplex with balcony.

MPO acquired the entire residential tower off-plan in 2006 and upon handover in 2009 further enhanced the apartments to world class luxury standards.

Apartments feature exclusive interior designs and furnishings by Japanese designer Yasumichi Morita and are luxuriously appointed with top-of-the-range appliances.

www.thewatersidemacau.com

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Its shares began trading on AIM in June 2006, when it raised £105 million in an institutional placing, before moving to the Main Market of the London Stock Exchange in June 2010. The Company's investment policy is to provide shareholders with an attractive total return through investing in property opportunities in one of the world's fastest growing and most dynamic regions - Macau and the Western Pearl River Delta of Southern China.

The Fund is managed by Sniper Capital Limited, an independent investment manager that specialises in property investment opportunities in niche, undervalued and developing markets.

For further information:

Website: www.mpofund.com

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques 

Tel: [phone]

Corporate Broker

Collins Stewart Europe Limited

David Yovichic / Dominic Waters

Tel: [phone]

Company Secretary & Administrator

Heritage International Fund Managers Limited

Mark Huntley / Laurence McNairn

Tel: [phone]

Manager

Sniper Capital Limited

Joyce Lo

Tel: [phone]

Email: [e-mail]

www.snipercapital.com

Stock Codes:

Bloomberg:    MPO LN

Reuters:      MPO.L

 

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