GBP 45.5m Investment

Macau Property Opportunities Fund
13 November 2006

For immediate release                                          13 November 2006

                   Macau Property Opportunities Fund Limited
                           ('MPOF' or the 'Company')



           £45.5 million Investment in Prime Residential Development



Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited,
announces that it has entered into a Sale and Purchase Agreement for the
acquisition of a luxury residential tower in a high-end mixed use waterfront
project, ONE CENTRAL. This will be the first international standard development
in Macau and is due for completion in 2009.



The investment gives the Company immediate and significant participation in one
of its core target segments, the premium luxury residential market in Macau, via
a development of unprecedented quality and positioning.



Key Points:



  • The ONE CENTRAL project, located in a prime central waterfront location on
    Macau peninsula, is being developed jointly by Shun Tak Holdings and
    Hongkong Land.



  • It includes seven residential towers set above a prime retail podium which
    will set new standards for the premium luxury segment of the Macau market.



  • MPOF is investing a total of £45.5 million to acquire one entire
    residential tower consisting of 59 units with a total combined gross floor
    area of 148,000 square feet.



  • 70% of the consideration is payable upon handover of the property,
    scheduled for 2009, further enhancing the returns to MPOF.



  • The Company expects to hold the entire property until at least the end of
    2009 during a period when the Manager expects to see a significant increase
    in luxury residential values.



•   This is MPOF's second investment since its admission to AIM in June
    2006 and brings its total commitments to approximately £54 million.



Commenting on the acquisition, David Hinde, Chairman of MPOF said: 'ONE CENTRAL
is destined to become the retail and residential location of choice in Macau and
we are very pleased to have the opportunity to participate in this unique and
prestigious development.  This acquisition gives the Company excellent exposure
to the luxury residential sector in partnership with two of the region's premier
operators.'



Further Details:



ONE CENTRAL is a high-end mixed-use waterfront development project combining
residential, hotel and retail facilities on a prime 200,000 square foot site in
the NAPE Area, located in central Macau.  The project includes a flagship tower
featuring a five star hotel to be operated by Mandarin Oriental with serviced
apartments above.



The high quality of design and construction being overseen by the joint venture
partners Shun Tak Holdings and Hongkong Land, will ensure that ONE CENTRAL is
finished to an extremely high standard and will enable it to stand well above
other existing and currently planned projects in Macau.



MPOF is acquiring Tower Six of One Central Residences, the residential component
of ONE CENTRAL which includes seven residential towers of approximately 800
units and about 500 car parking spaces. Through its prime location sitting
adjacent to Wynn Macau, connected to the MGM Grand Macau and overlooking the Nam
Van Lake, Sniper Capital believes that One Central Residences is destined to
become the apartment location of choice for investors and residents in Macau.

Tower Six comprises 54 apartments, three simplex apartments and two duplex
apartments totalling approximately 148,000 square feet in total gross floor
area. The apartments will be delivered in a fully-fitted state.



The total acquisition price of £45.5 million will be paid according to the
following payment schedule:



  • 5% of the total consideration has been paid in cash upon the signing of
    the Sale and Purchase Agreement.
  • 25% of the total consideration will be payable in a number of instalments
    within 12 months of the date of the Sale and Purchase Agreement.
  • The balance of 70% of the total consideration will be paid upon handover
    of the property.



The consideration equates to an average price of approximately £307 (HKD4,550)
per square foot of gross floor area on a fully-fitted basis. This compares very
favourably to the very limited supply of similar premium luxury properties in
Macau.



It is currently expected that the Company will finance 30% of the total
consideration from its own resources and seek bank financing for the remaining
70%.



The Company expects to hold the entire property until at least the end of 2009,
while reserving the right to sell all or some of the units should the developer
complete the sales and closing of 95% of the saleable area of One Central
Residences by the handover date.





                                    --Ends--





For further information:



Investment Adviser

Sniper Capital Management Limited

Tom Ashworth/Martin Tacon

Tel: [phone]

Email: [e-mail]

www.snipercapital.com



Nominated Adviser and Broker

Collins Stewart Limited

Hugh Field

Tel: [phone]



Company Secretary & Administrator

Heritage International Fund Managers Limited

Mark Huntley/Laurence McNairn

Tel: [phone]



Stock Codes:



Bloomberg:      MPO LN

Reuters:        MPO.L











About the Macau Property Opportunities Fund



MPOF, which raised £105 million in a placing and commenced trading on the
Alternative Investment Market of the London Stock Exchange on 5 June 2006, is a
closed-end investment company incorporated in Guernsey. The Company's investment
policy is to provide shareholders with an attractive total return, which is
expected to comprise primarily capital growth, but with the potential for
dividends over the medium to long term.  MPOF focuses on investing in property
opportunities primarily in Macau, but also potentially in the Western Pearl
River Delta region and in exceptional circumstances, greater China.



The Manager of MPOF is Sniper Capital Limited and the Investment Adviser is
Sniper Capital Management Limited.



About Sniper Capital Limited



Sniper Capital is an independent investment manager focusing on property
investment, development and redevelopment opportunities in Macau and the Western
Pearl River Delta region of China. The Company's investment strategy is to
identify, acquire and develop properties clearly differentiated by either
location or sustainability of future demand.


                      This information is provided by RNS
            The company news service from the London Stock Exchange