Macau Property Opportunities Fund Ltd. announced yesterday its total adjusted net value grew 2.0 percent to US$284.8 million (MOP2.28 billion) for the six-month period ended December 31. Property portfolio was valued at US$344.3 million, an increase of 5.1 percent. Macau Property Opportunities Fund Ltd. is managed by Sniper Capital Ltd and develops and invests in property opportunities in Macau and the Pearl Delta River. The company’s “The Waterside”, a luxury project in One Central, has reached a 69 percent occupancy rate based on total gross floor area, while latest achieved rents are 26 percent higher than a year earlier. Construction works at the Fountainside project continue, while the redevelopment programme for the “Senado Square” retail project, “remains on hold pending the outcome of planning negotiations” with the government. David Hinde, the company’s chairman, said that “despite signs of a cooling economic growth rate in the mainland, Macau’s economy is expected to maintain its upward growth, underpinned by strong fundamentals and a pipeline of infrastructure developments aimed at deepening economic integration in the region. “We remain focused on value-accretive sites in niche sectors and are currently reviewing a sizeable project pipeline, as we seek to acquire attractively-positioned assets that will significantly enhance long-term shareholder value.”
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