Last checked at 
15 Feb 2011 07:00
15 February 2011
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
MPO achieves 40% pre-launch sales at The Fountainside
Public launch commences today
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces sales progress at The Fountainside, its first residential redevelopment property.
Pre-launch marketing of The Fountainside has to date generated pre-sales of 40% of the standard apartments, at average achieved prices of HK$4,500 (c.US$580) per square foot. This equates to approximately 25% of the project's total saleable area. The majority of buyers are local Macau residents seeking high quality, centrally located residential apartments.
The Company has so far received total deposits amounting to HK$16 million (c.US$2 million) out of total sale proceeds to date of HK$78 million (c.US$10 million).
A staged payment plan is available to buyers: An initial deposit of 10% is payable upon the signing of the Sales & Purchase Agreement; the next two payments of 10% each are due within two and six months respectively; and the balance of 70% is payable upon completion of the project.
Capitalising on this early momentum, MPO is today launching the public sales programme, with the release of ten units. Further updates will be announced in accordance with the project's sales progress.
David Hinde, Chairman of MPO said: "The strong level of interest in The Fountainside reflects the project's sought-after location, its unique design concepts and an increasing demand from Macau residents for high quality residential apartments."
More information about The Fountainside is available at the project website: www.fountainsidemacau.com
Further details
The Fountainside occupies a prime location in the Penha Hill district - a prestigious neighbourhood steeped in history. Comprising 42 apartments and villas within a single block, The Fountainside caters to a wide range of buyers, from single professionals to growing families.
The project's construction programme is progressing well. Excavation and lateral support works are well underway, and The Fountainside remains on schedule to be completed by mid-2012.
Key facts
·; Located in the popular Penha Hill district on Macau Peninsula
·; Total 42 apartments, including 34 standard (studio to four-bedroom) units, two terrace apartments, two duplexes and four triplex villas
·; Unit sizes range from 576 to 3,729 square feet
·; Premium contemporary furnishings and fittings
A modern interpretation of prestige and heritage
Located in UNESCO-inscribed "Historic Centre of Macao"
·; Name inspired by distinctive fountain in adjacent Lilau Square, where the Portuguese first settled in Macau and which used to be the main source of spring water for the city
·; Building's original Portuguese-style façade to be preserved
Facilities and amenities
·; 30 car parking spaces and 23 motorcycle parking spaces
·; Landscaped gardens with water fountain
·; Multi-functional clubhouse
·; Private rooftop space
--Ends-
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Its shares began trading on AIM in June 2006, when it raised £105 million in an institutional placing, before moving to the Main Market of the London Stock Exchange in June 2010. The Company's investment policy is to provide shareholders with an attractive total return through investing in property opportunities in one of the world's fastest growing and most dynamic regions - Macau and the Western Pearl River Delta of Southern China.
The Fund is managed by Sniper Capital Limited, an independent investment manager that specialises in property investment opportunities in niche, undervalued and developing markets.
For further information:
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques
Tel: +44 20 3128 8100
Corporate Broker
Collins Stewart Europe Limited
David Yovichic / Dominic Waters
Tel: +44 20 7523 8361 / +44 20 7523 8473
Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley / Laurence McNairn
Tel: +44 1481 716000
Manager
Sniper Capital Limited
Joyce Lo
Tel: +852 2292 6700
Email: info@snipercapital.com
www.snipercapital.com
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L