Update on Development Propert

RNS Number : 4489I

Macau Property Opportunities Fund

12 March 2010

 



Macau Property Opportunities Fund Limited

("MPO" or the "Company")

 MPO Presents an Update on its Major Development Properties in Macau

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces the latest progress on its major development projects located in Macau.

Redevelopment underway at Rua da Penha

The redevelopment of Rua da Penha, the Company's niche residential project targeted towards local Macau residents, has now commenced, following the receipt of architectural planning approval and demolition licences. The initial demolition phase is expected to take ten weeks.

The Company is currently preparing its marketing programme for the property, with a public sales campaign expected to be launched in H2 2010. The project's estimated completion date remains mid-2011.

Demolition completed at Rua do Laboratório

The demolition of the disused buildings situated on this entry-level residential redevelopment project was completed in January and the site cleared and secured. The government responded positively to the architectural submission made in late 2009, subject to some minor revisions which have now been addressed and responded to.

Architectural planning approval is anticipated in Q2 2010 and the project's estimated completion date remains late 2011.

Planning approval delayed at Senado Square

This mixed-use redevelopment project, situated in the heart of Macau's historic tourist district, is subject to strict guidelines for heritage conservation. These have been fully complied with, but the architectural approval remains subject to ongoing negotiations with relevant government departments. This has resulted in an estimated delay of six months, pushing the target completion date to end-2011.

Further Details

Rua da Penha

Rua da Penha, which will be developed into an estimated 80,000 square feet of low-rise apartments, is located on a prime site within a sought after neighbourhood of Macau Peninsula. The approved redevelopment plan requires the preservation of the existing façade of the buildings which will be incorporated into the new development programme.  

Rua do Laboratório

Located in the rapidly emerging northern area of Macau Peninsula and close to the main China border gate and future Light Rapid Transit system, Rua do Laboratório will be developed as affordable apartments with a total estimated gross floor area of 220,000 square feet positioned towards local first-time buyers. 

Senado Square

This mixed-use development is situated close to its namesake, Macau's most famous non-gaming attraction, where new and well-planned retail space is in scarce supply. Once completed, the development will feature a multi-storey retail complex offering an estimated 70,000 square feet designed to serve a variety of tenant needs.

- Ends -

About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited, which raised £105 million in a placing and commenced trading on AIM in 2006, is a closed-end investment fund registered in Guernsey. 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

Hogarth Partnership Limited

Simon Hockridge / Andrew Jaques

Tel: [phone]

Nominated Adviser & Joint Broker

Collins Stewart Europe Limited

David Yovichic / Helen Goldsmith

Tel: [phone]

Joint Broker

Shore Capital Stockbrokers Limited

Dru Danford

Tel: [phone]

Company Secretary & Administrator

Heritage International Fund Managers Limited

Mark Huntley / Laurence McNairn

Tel: [phone]

Manager

Sniper Capital Limited

Daisy Tang, Corporate & Investor Communications

Tel: [phone]

Email: [e-mail]

www.snipercapital.com

Stock Codes:

Bloomberg:  MPO LN

Reuters: MPO.L

 

END

 

 

MSCUAUORROAOAAR