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Last checked at 
17 Dec 2009 07:00
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Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Β
Progress on DevelopmentΒ Properties
Macau Property Opportunities Fund Limited, managed byΒ Sniper CapitalΒ Limited, today announcesΒ furtherΒ progress on two of its development properties.
Rua do LaboratΓ³rio
DemolitionΒ of the existing buildingΒ at Rua doΒ LaboratΓ³rioΒ has commenced.Β ThisΒ followsΒ the receipt of allΒ necessaryΒ permits and consentsΒ andΒ is expected to takeΒ fourΒ weeksΒ to complete.Β
Planning permission for this entry level residential development projectΒ is progressing wellΒ and itΒ is expected thatΒ aΒ formal response to the architectural submissionΒ will beΒ received by the end of DecemberΒ 2009, in line withΒ theΒ anticipatedΒ projectΒ timetable.
Rua da Penha
The demolitionΒ permitΒ at Rua da Penha, the Company's other residential development project,Β isΒ nowΒ expectedΒ in January 2010. ThisΒ will allow forΒ the commencement ofΒ demolitionΒ shortly thereafter.Β The targetΒ projectΒ completion dateΒ remainsΒ mid-2011.
David Hinde, Chairman of MPOΒ commented:
"We areΒ pleasedΒ with the progress made by the CompanyΒ inΒ reachingΒ the development stage of these two uniquely positioned sitesΒ andΒ look forward to developingΒ highΒ qualityΒ homes to serve the needs ofΒ Macau'sΒ local residents."
Β
Further Details
Rua do LaboratΓ³rio
LocatedΒ in the rapidly emerging northernΒ areaΒ ofΒ MacauΒ PeninsulaΒ and close to the mainΒ ChinaΒ border gate, Rua doΒ LaboratΓ³rio will be developed as affordable apartmentsΒ positioned towardsΒ local first-time buyers.
In recent months the government has instigated a number of development and improvement projects in this area, one of whichΒ isΒ situatedΒ on landΒ directly adjacent to the Rua doΒ LaboratΓ³rioΒ site.
These improvements,Β combined with the imminent constructionΒ ofΒ Macau's LightΒ RapidΒ TransitΒ System,Β bode well for the continued appreciation of values in this emerging area of the city.
Rua da Penha
Rua da Penha, whichΒ will beΒ developed into a low-rise apartment block,Β isΒ situated inΒ a highly popularΒ neighbourhoodΒ for local middle-to-upper income residents, given its convenient location and historic appeal.
With the increase in affluence throughout Macau in recent years, the earning power of locals has increased, as has the desire to upgrade their lifestyle, and there is now a growing demand for quality accommodation.
- Ends -
AboutΒ MacauΒ Property Opportunities Fund
Macau Property Opportunities Fund Limited, which raised Β£105 million in aΒ placing and commenced trading on AIM in 2006, is a closed-endΒ investment fundΒ registered inΒ Guernsey. The Company's investment policy is toΒ provideΒ shareholders with anΒ attractive total return through investing in property opportunities in one ofΒ the world's fastest growing and most dynamic regions -Β MacauΒ and the WesternΒ Pearl River Delta of Southern China.
The Fund is managed byΒ Sniper CapitalΒ Limited, an independentΒ investment managerΒ that specialises in property investmentΒ opportunities in niche, undervalued andΒ developing markets.
For further information:
Website:Β www.mpofund.com
Public Relations
Hogarth Partnership Limited
Andrew JaquesΒ /Β SimonΒ HockridgeΒ
Tel: +44 20 7357 9477
Nominated Adviser & Joint Broker
Collins Stewart Europe Limited
David YovichicΒ /Β Helen GoldsmithΒ
Tel: +44 20 7523 8000
Joint Broker
Shore Capital Stockbrokers LimitedDru Danford
Tel: +44 20 7408 4090
Company Secretary & Administrator
HeritageΒ International Fund Managers Limited
Mark HuntleyΒ / Laurence McNairn
Tel: +44 1481 716000
Manager
Sniper CapitalΒ Limited
Daisy Tang, Corporate & Investor Communications
Tel: +852 2292 6700
Email: info@snipercapital.com
www.snipercapital.com
Stock Codes:Β
Bloomberg: MPO LN
Reuters: MPO.L
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