澳樓市初現淡風 

近二十個大型娛樂項目正在興建中，大量勞動力將進駐澳門市場，房屋需求迫切受制於美國次按問題，港澳樓市趨向淡靜，去年樓市滾熱的澳門，今年首季亦見回落。據統計局公佈資料證實，首季訂立的不動產買賣契約成交單位、金額分別較前一季減少3.4%及37.6%。同季不動產按揭貸款總額達238.7億元，比上季大升1.6倍。

由於外來因素不明朗，業主或買家觀望態度升溫，從而某程度削減投資房地產的信心。統計資料更反映樓市淡風，如首季訂立3,189宗不動產買賣契約，成交單位有4,364個，成交額為42.4億元（澳門元，下同），單位數目及金額較前一季分別減少3.4%及37.6%。首季向財政局繳納物業轉移印花稅的單位數目共6,518個，總值為127.2億元，較前一季分別減少7.3%及4.2%；屬於中間移轉的單位有2,323個，金額為84.0億元。

繳納印花稅的單位以住宅為主，占總數70%（4,563個），金額共109.9億元；其中位於澳門半島的住宅單位有3,167個，氹仔及路環分別有1,380個及16個；按成交金額分析，400萬元以上的單位占住宅單位總數17.5%（797個），200萬至400萬元的占25.2%（1,149個），100萬至200萬元的占15.7%（715個），而100萬元以下的則占41.7%（1,902個）。

澳門樓宇與三月份相比，成交量下跌四至五成，四月份交投明顯較淡靜。雖地產仲介已率先預告首季樓市淡風，但亦有專家指出，澳門樓市利好因素仍然存在，如部分二手樓盤如濠景花園、金利達花園、樂駿盈軒等，該類約十年樓齡的樓盤，個別成交價不跌反升，反映澳門樓市後盾仍然強勁，下半年有望平穩上升兩至三成。

中原（澳門）董事總經理郭朝隆表示，樓價基數低是吸引外地投資者來澳置業投資的重要因素。加上澳門經濟持續以雙位元數字增長，如今年首季，澳門博彩賭收上升約62%，較賭權初開放時期的零三年全年賭收還要多，GDP首季亦增長20%，這是吸引海內外投資者進軍澳門的關鍵。

另據市場估計，已申請且正在興建中的大型娛樂項目有近二十個，預料未來幾年將有十萬勞動人口進駐澳門市場，房屋需求迫切。郭表示，屆時房屋租金將會因此穩步上揚，投資回報變得可觀。另外，他還建議投資置業抗通脹的主義。

零八年首季开始，统计局将楼盘中间转移（即已缴纳0.5%物业转移印花税）交易情况纳入统计，但未届做契时限(交易后三个月内)的楼盘。澳门地产业总商会会长钟小健认为，新统计方式可避免数据滞后，反映巿场活跃程度。

本地不动产交易统计数据一直被视为滞后，以今年首季为例，外港新口岸填海区及南湾湖填海区每平方米成交价为39,232澳门元（下同），换算呎价约3,600元。巿价呎价按建筑面积计算，统计局却按实用面积计算。目前楼宇实用面积一般为七成，故换算出来的巿场呎价应为2,500元，钟小健认为，这个价格水平仍是合理范畴。

为防一屋多卖，楼宇落订后三个月内应交付0.5%物业转移印花税。今年首季开始，交纳0.5%物业转移印花税的“中间转移”纳入统计范围，反映楼宇炒卖情况。钟小健认为新方法实际上是将统计细分。买家一般交付0.5%转移税，实际只是向当局“挂号”，避免楼宇出现一屋多卖。不过，交0.5%税款后，并不代表楼宇已经成交，准业主仍可以“挞订”。倘将这些准买家交易宗数及情况也纳入统计，可以反映单位元元实际交易量。

现时已交易单位元元需在九十天内“造契”，有可能出现的情况是，三月成交，四月才登记。过去统计不纳入“中间转移”，首季交易有可能成为第二季数据。倘将“中间转移”纳入统计，即月交易可以及时反映，统计数字更加贴巿。

但他亦指出，纳入“中间转移”针对现货楼及二手楼，买现货楼多数是用家。至于楼花交易，当局虽然也希望可催促准业主先登记，不过楼花不是现楼，准业主“冇得住”，银行也难做楼按，相信中间转移交易比例较少。

零八年首季開始，統計局將樓盤“中間轉移” （即已繳納0.5%物業轉移印花稅）交易情況納入統計，但未屆做契時限(交易後三個月內)的樓盤。澳門地產業總商會會長鍾小健認為，新統計方式可避免數據滯後，反映巿場活躍程度。

本地不動產交易統計數據一直被視為滯後，以今年首季為例，外港新口岸填海區及南灣湖填海區每平方米成交價為39,232澳門元（下同），換算呎價約3,600元。巿價呎價按建築面積計算，統計局卻按實用面積計算。目前樓宇實用面積一般為七成，故換算出來的巿場呎價應為2,500元，鍾小健認為，這個價格水準仍是合理範疇。

為防一屋多賣，樓宇落訂後三個月內應交付0.5%物業轉移印花稅。今年首季開始，交納0.5%物業轉移印花稅的“中間轉移”納入統計範圍，反映樓宇炒賣情況。鍾小健認為新方法實際上是將統計細分。買家一般交付0.5%轉移稅，實際只是向當局“掛號”，避免樓宇出現一屋多賣。不過，交0.5%稅款後，並不代表樓宇已經成交，準業主仍可以“撻訂”。倘將這些準買家交易宗數及情況也納入統計，可以反映單位元元實際交易量。

現時已交易單位元元需在九十天內“造契”，有可能出現的情況是，三月成交，四月才登記。過去統計不納入“中間轉移”，首季交易有可能成為第二季數據。倘將“中間轉移”納入統計，即月交易可以及時反映，統計數字更加貼巿。

但他亦指出，納入“中間轉移”針對現貨樓及二手樓，買現貨樓多數是用家。至於樓花交易，當局雖然也希望可催促準業主先登記，不過樓花不是現樓，準業主“冇得住”，銀行也難做樓按，相信中間轉移交易比例較少。

名门世家走向国际 望成澳豪宅新指 标 

随着澳门经济复苏到经济起飞,现时的澳门已发展成为国际城市，不少海外基 金及国际买家在澳物色具获利潜质的物业，投资客源越趋国际化，发展商到海外推销楼盘顺理成章。

投放两亿作宣传费用

澳门威得利企业发展股份有限公司发展的鉴赏级豪宅“名门世家”，目前已 投放2亿港元于宣传活动上。零八年五月十四至十六日一连三日在英国伦敦举行的第一站全球推介会，吸引近200名来自世界各地的 买家及传媒出席。

建造成本（不包地价）不少于40亿元的“名门世家”，位于凼仔赛马场，以 英国皇室贵族曾入住的Brocket Hall为设计概念，充满十五世纪英伦风味。项目将于今年第四季推售，预料可套现150亿。

基金热衷投资澳物业

负责“名门世家”市场策划的廖沛霖说：“受次按及全球股市波动影响，及 中国的宏调措施下，国际基金较难投资内地物业，资金转移到澳门物业市场。再者，政府颁布多项物业税务优惠以及环球利率下跌 趋势持续，亦有利楼市，预料澳门住宅后市向好。且名门世家”处澳门新核心地区——凼仔地段，毗邻多项瞩目的国际级发展酒店 及娱乐项目，对该项目升值潜力非常有信心。”

廖又表示，过往海外买家对澳门认知较少，近来欧洲、韩国、日本、台湾等 市场买家比例渐高。贵价楼内地买家约占20%左右，外国买家占20-25%，另外30%为持香港身份证者，当中也不乏基金投资者。“名 门世家”已与部分基金投资者洽商，亦会考虑每隔一季到有潜质的海外市场推介，测试市场反应。

另外,据发展商介绍,该项目采用欧式建筑风格，打造英式生活空间，料将成 为澳门豪宅新指标。

该项目提供设双会所——名门会所及尊户会所。面积约20万方呎的“名门会 所”，拥有户外及户内双泳池；位于高层的“尊户会所”不单设计及设施仿效英国伦敦Brocket Hall，更邀请负责管理Brocket Hall的会所管理公司——英国CCA International作为管理顾问，引进英伦式品味专属管家服务，提升整体服务水平。

“名門世家” 走向國際 望成澳豪宅新指標  
 
隨著澳門經濟復蘇到經濟起飛,現時的澳門已發展成為國際城市，不少海外基 金及國際買家在澳物色具獲利潛質的物業，投資客源越趨國際化，發展商到海外推銷樓盤順理成章。

投放兩億作宣傳費用

澳門威得利企業發展股份有限公司發展的鑑賞級豪宅“名門世家”，目前已 投放2億港元於宣傳活動上。零八年五月十四至十六日一連三日在英國倫敦舉行的第一站全球推介會，吸引近200名來自世界各地的 買家及傳媒出席。

建造成本（不包地價）不少於40億元的“名門世家”，位於氹仔賽馬場，以 英國皇室貴族曾入住的Brocket Hall為設計概念，充滿十五世紀英倫風味。項目將於今年第四季推售，預料可套現150億。

基金熱衷投資澳物業

負責“名門世家”市場策劃的廖沛霖說：“受次按及全球股市波動影響，及 中國的宏調措施下，國際基金較難投資內地物業，資金轉移到澳門物業市場。再者，政府頒佈多項物業稅務優惠以及環球利率下跌 趨勢持續，亦有利樓市，預料澳門住宅後市向好。且名門世家”處澳門新核心地區——氹仔地段，毗鄰多項矚目的國際級發展酒店 及娛樂項目，對該項目升值潛力非常有信心。”

廖又表示，過往海外買家對澳門認知較少，近來歐洲、韓國、日本、台灣等 市場買家比例漸高。貴價樓內地買家約佔20%左右，外國買家佔20-25%，另外30%為持香港身份證者，當中也不乏基金投資者。“名 門世家”已與部分基金投資者洽商，亦會考慮每隔一季到有潛質的海外市場推介，測試市場反應。

另外,據發展商介紹,該項目採用歐式建築風格，打造英式生活空間，料將成 為澳門豪宅新指標。

該項目提供設雙會所——名門會所及尊戶會所。面積約20萬方呎的“名門會 所”，擁有戶外及戶內雙泳池；位於高層的“尊戶會所”不單設計及設施仿效英國倫敦Brocket Hall，更邀請負責管理Brocket Hall的會所管理公司——英國CCA International作為管理顧問，引進英倫式品味專屬管家服務，提升整體服務水準。

近二十个大型娱乐项目正在兴建中，大量劳动力将进驻澳门市场，房屋需求迫切受制于美国次按问题，港澳楼市趋向淡静，去年楼市滚热的澳门，今年首季亦见回落。据统计局公布数据证实，首季订立的不动产买卖契约成交单位、金额分别较前一季减少3.4%及37.6%。同季不动产按揭贷款总额达238.7亿元，比上季大升1.6倍。

由于外来因素不明朗，业主或买家观望态度升温，从而某程度削减投资房地产的信心。统计资料更反映楼市淡风，如首季订立3,189宗不动产买卖契约，成交单位有4,364个，成交额为42.4亿元（澳门元，下同），单位数目及金额较前一季分别减少3.4%及37.6%。首季向财政局缴纳物业转移印花税的单位数目共6,518个，总值为127.2亿元，较前一季分别减少7.3%及4.2%；属于中间移转的单位有2,323个，金额为84.0亿元。

缴纳印花税的单位以住宅为主，占总数70%（4,563个），金额共109.9亿元；其中位于澳门半岛的住宅单位有3,167个，氹仔及路环分别有1,380个及16个；按成交金额分析，400万元以上的单位占住宅单位总数17.5%（797个），200万至400万元的占25.2%（1,149个），100万至200万元的占15.7%（715个），而100万元以下的则占41.7%（1,902个）。

澳门楼宇与三月份相比，成交量下跌四至五成，四月份交投明显较淡静。虽地产中介已率先预告首季楼市淡风，但亦有专家指出，澳门楼市利好因素仍然存在，如部分二手楼盘如濠景花园、金利达花园、乐骏盈轩等，该类约十年楼龄的楼盘，个别成交价不跌反升，反映澳门楼市后盾仍然强劲，下半年有望平稳上升两至三成。

中原（澳门）董事总经理郭朝隆表示，楼价基数低是吸引外地投资者来澳置业投资的重要因素。加上澳门经济持续以双位数字增长，如今年首季，澳门博彩赌收上升约62%，较赌权初开放时期的零三年全年赌收还要多，GDP首季亦增长20%，这是吸引海内外投资者进军澳门的关键。

另据市场估计，已申请且正在兴建中的大型娱乐项目有近二十个，预料未来几年将有十万劳动人口进驻澳门市场，房屋需求迫切。郭表示，届时房屋租金将会因此稳步上扬，投资回报变得可观。另外，他还建议投资置业抗通胀的主义。

The property market is on a tear, thanks to booming demand and the release of a few new high-end projects

On a February afternoon, more than 50 reporters gathered at a press conference held in the JW Marriott hotel, Hong Kong. They were there not merely for the presence of local pop TV star Bernice Liu, but to witness the launch of The Buckingham, Macau’s supposed “first six-star residential property”. As the first residential project to be unveiled this year, the Buckingham is expected to take Macau’s property market up another level.

And by this, we mean not just the quality of the furnishings. Prices for luxury properties are, pardon the pun, going through the roof in Macau right now. Stories circulate constantly of entire floors being released into the secondary market at projects such as One Central and One Grantai at twice what was paid for them by early-bird investors who jumped in less than a year ago. Even at the Buckingham, prices are nearly 50 percent higher than what buyers at the next-door Manhattan paid fewer than six months ago.

That said, quality may well turn out to be the defining factor at the top end of the market. The Buckingham, though not yet finished, promises to be a classy place to live. The 50-storey residential tower is located close to the Cotai Strip, containing a total of 184 units with sizes ranging from 1,000 sq ft to 2,288 sq ft, and nine duplexes of more than 3,000 square feet. It has a two-storey clubhouse facility, Royal Clubland, that includes a yoga studio, spa, swimming pool, gymnasium, reading corner, children’s outdoor playground, wine and cigar bar, and more.

According to Pun Wai Man, chairman of Wai Heng Construction (developer of The Buckingham), prior to its launch the project received more than 100 sales inquiries from multiple parties showing intense interest. It helped, of course, that on February 19, The Buckingham struck an institutional deal with Marriott Vacation Club International which has agreed to purchase five consecutive floors comprising 30 units of the property. Pun declined to reveal the amount paid by Marriott but said that he expects the average price of The Buckingham will climb well above MOP6,000 per square foot.

The Buckingham is certainly following in illustrious footsteps. One Central, the project run by Hongkong Land and Pansy Ho, situated “in the center of it all” (as its TV ad stated) is probably still top of the pile in Macau, fetching prices in the secondary market of more than HK$8,000 per square foot. One Grantai, located on a hill overlooking Cotai, is fetching more than HK$7,000 per square foot.

What else could be driving prices, besides the chandeliers painted into the brochures these projects hand out, some of which show backdrops of Las Vegas? Well, it certainly helps that there has been a freeze on construction permits for new projects ever since Ao Man Long, the former secretary for development, was taken down by graft-busters two years ago. Already, the market has seen a casualty in the shape of xxx, which pulled out of its project in Nam Wan Lake area just as this magazine was going to press. That may be bad news for government officials responsible for foreign investment, but it’s music to the ears of property developers, as future growth in supply will be pushed that much further out.

The continued suspension of the government’s Fixed-asset Investment Residency Policy, which had previously allowed a wave of mainlanders to obtain residency in Macau through property purchases, hasn’t hurt, either. So 2008 looks to be a buoyant year – for those lucky enough to get their hands on a new unit, most of which sell out within weeks of going on sale.

“The property market in Macau will remain buoyant this year,” says Rico Kwok, managing director of Centaline (Macau). “Thanks to the three new large-scale projects – The Residencia Macau, the Avenida Wai Long Project and the Windsor Arch – that are going to be launched before mid-2008, an additional 1,000 new residential units will be added to the market.”

Looking at the bigger picture, the optimism remains for projections going further out. Research conducted by Jones Lang LaSalle indicates that an estimated 19,256 residential units will be coming onto the market between 2008 and 2010, averaging 6,419 new units per year. More than 70 percent are for the mass residential market; the luxury residential market only accounts for 30 percent.

On the demand side, there is reason for optimism, too. As Rico Kwok says, there is real money in the market. “Currently, the per capita GDP in Macau has already exceeded Hong Kong; the unemployment rate is close to zero. If you have a stable job and don’t have to worry about being laid off, you’ll naturally consider buying property or upgrading your current residence. These factors will keep the property market strong.”

Centaline (Macau), for example, recorded more than 32,000 transactions in 2007, two-thirds of which were for residential properties. The agency’s commission revenue has doubled in the past three years, reaching a total of MOP88 million last year.

Dan Tagliere, co-founder of MacauLand, agrees that although Macau’s property market has not fully matured – the software is yet to catch up with the hardware – prices will continue to surge. “The gaming and hotel industries alone will create 93,000 new jobs over the next three years, including a large percentage of mid-income to high-income foreign management staff. These expatriates are accustomed to certain living standards and many existing residential units are not good enough to meet their requirements. That’s why developers here are all competing to feed the market with more high-end properties.”

He should know better than anyone where the demand is coming from, because his first project, The Manhattan, is already open, and pulling in the cream of the crop of new managers coming in for projects such as Cirque du Soleil and the Four Seasons, both of which open mid-year. The Manhattan has a great clubhouse, complete with a gym, pool, golf driving simulator, kids’ playroom and its own small cinema, and rents are, unsurprisingly, rising strongly, too.

According to Tagliere, the owners of Manhattan’s 175 units come from all over the world, including institutional investors and individuals. Ten to 15 percent of the units are owner-occupied, while others are in the leasing market. Currently, more than 75 percent of all Manhattan’s units have been leased and Tagliere believes that the rest will find tenants by the end of 2008. “Many wonder who is going to occupy all these high-end residences, but the thing is you have to build forward and then give it six or eight months before they are absorbed by the market. The problem now is not that we are building too many but that there aren’t enough being built.”

The market is not without risks, however. There is always uncertainty around the definition of “luxury”, for instance. “Many developers tend to apply the word ‘luxury’ to all of their projects while the property is only medium-end at best,” says Franco Liu, head of Savills’ Macau office.

Investors should also be reminded that when it comes to buying properties, both hardware and software matter. For example, who will be managing the property? Currently, Macau’s luxury property management market is largely divided between the two international giants, Jones Lang LaSalle and Savills. The former is managing Lot W, a high-end serviced apartment in Taipa, while the latter operates The Manhattan. Liu says that the property market remains strong and this year the price per square foot of a so-called “luxury property” should reach MOP7,000 per square foot – still cheaper compared to the high-end residential market in Hong Kong.

The strong growth of the gaming industry is driving a buoyant property market, and it is no surprise that plenty of foreign investors are optimistic about the future of Macau. Recently, Engel & Voelkers (E&V), Germany’s leading real estate agency, has also made plans to enter the Macau market. “In Europe, especially in the finance and banking sectors, many are keen to enter this nova market, yet few can find the breakthrough point. They would like to have a property agent whom they can trust, and that’s exactly why we are here,” says Sandra Roth, director of business development, E&V Asia-pacific.

With 30 years of international marketing experience, E&V’s expertise is in the leasing business of high-end residential properties. E&V entered the Hong Kong market at the end of 2006 by seeking local firms to buy its licenses or franchise to establish outlets in upmarket locations. And now, the aggressive agency has its eyes set on the neighboring market – two new branches are scheduled to open in Macau within 2008. A one-off licensing fee of ￡27,500 is required in order to become E&V’s partner and benefit from its global market mega database, clientele network, sales, PR and staff support, along with access to E&V’s IT platform.

“Unlike Hong Kong, Macau’s property has not yet reached its maturity, which allows more room for further development. We want to take the opportunity and stay ahead of the competition, offering our local clients a new level of services with an international flair,” says Roth.

While a feel-good atmosphere is dominating Macau’s property market, David Faulkner, the regional director of Valuation & Advisory – Asia, Colliers International maintains his reservations. “The upward trend in the property market largely depends on foreign investment, and a lot of it is based on speculation. Looking at these newly-launched luxury properties, one can’t help but ask: who will be living there? It’s difficult to tell how many new units the market can absorb.”

Faulkner does not agree with the common Macau-Las Vegas analogy either, for Macau has several congenital deficiencies that can hardly be overlooked. “Macau has its physical limitation and a small local population. Unlike Las Vegas, it can’t be expanded into the desert. The local economic system is gaming-dominated, which is unlikely to change (though its percentage might change slightly). Some say that the gaming and hotel industries create enormous job opportunities – but don’t forget that most of the imported labor force will be low-income workers. How many of them will be categorized as high-income? And moreover, most visitors are here to gamble, which makes you wonder how many of them would be willing to have a weekend home here?”

Faulkner believes that the property market in Macau has almost reached its demand-supply balance and the growth of luxurious residential units is limited. “When all these projects are completed there is going to be competition and our opinion is that in certain segments of the market there is going to be overdevelopment. As an investor you want to be sitting on assets that you know will shift.”

Nine to five

The commercial property market in Macau is much smaller than the residential. Grade A office buildings are clustered in the CBD around the Lisboa, namely Macau Bank of China, AIA Tower, Macau Square and the Finance & IT (FIT) Center, which has recently begun accepting applications for lease. The lower grade commercial buildings are mostly located in the Dynasty District.

Gregory Ku, managing director of Jones Lang LaSalle (Macau) says that aside from the FIT Center, there is no new commercial property project joining the lineup in the foreseeable future. Some suggest that the New Yaohan and Jai Alai Complex will be reconstructed with the addition of office space, but a detailed development plan has not been confirmed.

At present, though the occupancy rate of Grade A office buildings is more than 90 percent, Macau still has a total vacant commercial property space of more than 1.7 million square feet. The main reason for this is that the casino groups house most of their staff in on-site offices. However, with the development of service sectors such as banking, finance, accounting, law, telecommunications and information technology, more companies in the support industries for the casinos are setting up branches in Macau. Unsurprisingly, rents are already rising strongly at the top end of the market.

Ku stresses that Grade A office buildings in Macau are yet to catch up with similar properties in Hong Kong in terms of facilities. The new FIT Center boasts a 12,000-square-foot luxury clubhouse, spa and massage service, gymnasium, café, and multi-function room, and will be clearly the No.1 commercial property in Macau. The average leasing price is estimated at over HK$22 per square foot.

Ku believes that most companies servicing the Macau casino groups still choose to base their headquarters in Hong Kong, and due to the proximity and convenient transportation between Hong Kong and Macau, even if companies do set up branches in Macau, they won’t necessarily be looking for anything plush.

Tips and traps

Gregory Ku, managing director of Jones Lang LaSalle Macau, says aspiring property investors should first consider their budget and then the location. Taipa is regarded as the most promising area for real estate investment, with newly developed residential projects including Nova City, The Manhattan and The Buckingham (all with club house facilities). On the peninsula, Pearl District is a fairly good choice.

Yet according to Ku, investors should be reminded that Macau adopts the Continental Law system, making it different from the Common Law system in Hong Kong. The buyer-seller contract is relatively simple, and the local government has not imposed any regulation on the sale of off-plan property, so investors need to be extra cautious.

In addition to the property transaction price, the buyer needs to pay an extra two percent in attorney fees, 3.5 percent of government stamp-tax, and the transaction commission to the real estate agency. Moreover, buyers must pay a 16.8 percent property tax to the government if they wish to put the unit on the leasing market.

In an attempt to encourage further development of the property market, the government plans to offer local residents a 90 percent mortgage. And if the capital value of the property purchased is more than MOP3 million, the stamp-tax will be exempted.