Opinion

An interesting year ahead

 
 
If you’re anything like me, once the holidays are over you can’t wait to get rid of the Christmas tree, pack away the decorations and have the house back to normal again.  True, it can be a bit of an anticlimax after such a jolly season, but luckily for us in Macau, this mood is quickly alleviated as we have it to do all over again, and some, with the run up to Chinese New Year next month.
 
It’s been an interesting few weeks.  We thought that we’d see a slowdown in business, both in leasing and buying, but not a bit of it – we’ve been inundated over the holidays with new arrivals needing to find rental homes and locals looking to realize profits on their own homes by selling up and moving out of town to a less pricey location.  Thanks to the One Oasis complex at the edge of Coloane, supply has definitely improved. This in turn has tended to soften the central Taipa prices, which are generally higher due to limited supply and the location / convenience factor.  
 
I look with interest at the 10-block skyscraping vastness opposite the Jockey Club of Star River-Windsor Arch (who comes up with these names?). Known amongst us locals as “The Wall”, the last of the scaffolding is now being removed.  Once that 47-storey property has its occupation permit, due I believe around midyear, over 850 apartments will be unleashed onto the market.  Granted, quite a few will be owner occupied, but there will be a lot of capacity for rentals.  And importantly many 2-bedrooms, so perfect for single expat executives.
 
And there’s the smart modern looking Nova Park, due to be ready by Q2.  We have a number of clients eagerly eyeing that property.  Lessons were learned by the developer on the earlier Novas, so finishes are a higher quality and apartments with balconies overlook an uninterrupted view of ‘Central Park’. 
 
Will we see a hollowing out of the older properties, like Ocean Gardens, Nova Taipa and Nova City, Kingsville and even perhaps the Manhattan, as local Macau owners move into their newer investments? What impact will it have on the market, one wonders? Will it at last help to bring the skyrocketing rents more in check?  Lets hope so.  An interesting year ahead!
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