Tom Chan is a Hong Kong-based businessman who, in 2010, decided that real estate prices in Macau had softened sufficiently for him to buy in as an investment. He chose the then newly built Buckingham, a 50-storey building on Rua de Nam Keng in central Taipa, next to the also relatively new Manhattan and Kingsville apartment buildings.
“When I bought the apartment, my intention was always to rent it as a managed, serviced, executive suite,” Tom explains. “Even though the place was brand new and I was the first owner, so as to appeal to the kind of senior expat tenants I was targeting, I engaged an interior designer to help enhance the look and feel of my standard 2-bedroom, 1-bathroom unit. We installed custom wardrobes in elegant dark wood finish, silver-grey wallpaper, stylish light fittings and bathroom accessories.”
Furnishings came from various shops in Hong Kong. A favorite haunt for Tom is Horizon Plaza in Ap Lei Chau, which is where he found the pale blue sofa, the dining set and a large wall mirror for the apartment entrance. A stunning white art piece from Indigo, also in Horizon Plaza, hangs above the sofa and completes this modern, contemporary home.
They always say that what a hotel or serviced apartment really sells is “a good night’s sleep” – and as such, Tom strongly believes that the bedding has a lot to do with enhancing the experience. He bought all the bed sets and towels from Sleep Naked (sleepnaked.hk).
“Their sheets are amazing; 5-star hotel quality! One hundred percent mercerized long staple cotton percale, and I get the 400-thread count with sateen finish, which I always feel gives you the softest whitest cotton bed linen.”
The open kitchen-dining-living room concept is prevalent throughout the 2-bedroom units in the building: “We’ve improved our kitchen by replacing the cabinets with dark wood that is offset by the pale wood-tile finish of the floors.”
The washer-dryer is neatly stored away in one of the cabinets as is the fridge-freezer and a handy pull out shelving unit.
“For my tenants, the rent is inclusive of all charges for water, electricity, gas, Internet and telephone connectivity, cable TV, management and twice weekly cleaning. I insist on no smoking, no pets. Some of my tenants may have allergies or respiratory conditions so the place must be smoke and pet-free for the comfort of all. I also accept month-to-month tenancies which gives tenants a lot of flexibility. For these reasons I’ve been able to charge a premium.”
The apartment comes with a balcony, which benefits from facing south so that although much of the view is obstructed by buildings opposite, some sections of Cotai can be seen through the gap.
“It’s a great location and this is particularly appealing to the Buckingham residents,” says Tom. “Old Taipa Village with its cafes, pubs and restaurants is a pleasant 10-minute stroll away. Then virtually on the doorstep are all the supermarkets, pharmacies, banks and central Taipa restaurants and shops.”
When the Buckingham first opened, several of the higher floors were reserved for ‘The Marriott Vacation Club’, which in practice was for the housing of Marriott executives who were in Macau during the building and commissioning of the Marriott hotel on the Galaxy premises. They had their own reception desk which was staffed by the building management, Savills. This gave the lobby, and the building, a certain sense of prestige and ‘cachet’ which in turn drew other investors and their tenants.
First impressions matter; the lobby is a credit to the building and its management, now Jones Lang LaSalle. One is met by smiling, welcoming and smartly dressed Filipino security staff. The high ceilings, marble finishes, two genuine Chesterfield guest waiting area sofas and ornate light fixtures compare favorably with what is available in most other central Taipa buildings that are frankly old and shoddy. The only negative is the sickeningly strong sweet smell of room fragrance. The three lifts require an access card to take you to your apartment level. Technology reaches even to the post boxes that open by touching one’s lift access card to a panel.
Though with a modest footprint and hemmed in on all sides by equally tall buildings, the Buckingham has managed to ‘keep up with the Joneses’ with its clubhouse facilities. The 25m outdoor swimming pool rarely gets to see much sun, but it is set in pretty gardens that are kept immaculately tidy and clean. There’s an outside barbeque area and small lawn, a decent entertainment function room, and a small but serviceable fitness centre with gym, steam and sauna rooms.
“This month I sold the apartment”, admits Tom. “It’s been an ideal investment, but it’s time for me to take my profits and move them elsewhere, and besides, the buyer is a young newly married local couple, so I’m glad now they get to enjoy the place!”
