Due to the increasing number of tourists and foreign workers a demand for quality shops has resulted and thus the retail sector continues to grow. Shop rentals during the first quarter increased by 7.4%, noted by Jones Lang LaSalle in its latest Asia Pacific Property Digest. Marketing statistics indicate that the transaction volume of commercial properties in Macao has declined to a low of 466 in the first quarter while the total turnover was $963 million, which was a sharp decrease of 61.6% and 38.3% when compared to the transaction volume of 1,212 and $1.56 billion during Q1 of 2007.

Jones Lang LaSalle pointed out in its Asia Pacific Property Digest that the growth of the population and tourism revenue would help in strengthening the development of the retail sector over the next few years, thus a number of large retailers were willing to spend a large amount of money on rent to retain shops in favorable locations. An example is a cosmetic store chain that recently renewed its tenancy agreement to rent their property for HKD500 per square foot, which is double the rent of other shops in the same district. In terms of supply, several high-end brand stores and shopping malls, such as the New Yaohan and Shoppes at the Four Seasons Hotel, will open soon.

Investors Shift to Residential Areas
According to another marketing statistic, the square footage of a number of shops in the Macau Ginza Plaza ranges from 191 to 650 square feet and were leased a month ago with the monthly rentals between $7,800 and $36,800 or $23 to $68 per square foot. For instance, the monthly rental of a 483-square-feet shop is $31,300, equivalent to $65 per square foot; furthermore, the monthly rental of a 2,791-square-feet shop on the ground floor of China Plaza - Concordance Court is $80,000, equivalent to $29 per square foot.

Since the prices for prime shops have reached a certain level, investors recently have shifted their speculation strategy from prime shops in prosperous business district to residential areas. One example of this trend is a shop on the ground-floor at Pak Lai Garden with the area of 1,383 square feet was recently sold for $13 million, an average of $9,400 per square foot; another example is the ground-floor shop at Weng Seng Garden with the area of 4,200 square feet was sold for $32 million, an average of $7,619 per square foot; In addition, two ground-floor shops that are connected at I Keng Kok that were 2,100 square feet were sold for $13.14 million, an average of $6,257 per square foot. Commercial real estate experts expect that the domestic demand will further trigger transactions with even higher prices for shops in residential areas by 10% over last year.

Property Market Is Expected to Rise
According to Asia Pacific Property Digest by Jones Lang LaSalle, the capitalization of high-end residences grew by 11.9%. Several new buildings recently went on the market and have recorded respectable sales volumes, for instance, over 93% of the 120 residences at Phase II of The Praia sold out for amounts between HKD3,500 and HKD4,700 per square foot; 75% of the 80 residences at La Cite, Pérola Oriental District, were sold at an average price of HKD3,500 per square foot; residences at The Residensia Macau, Pérola Oriental District, are priced between HKD4,000 and HKD5,500 per square foot; 75% of the 196 apartments at The Buckingham, Taipa, sold for an average of HKD5,000 per square foot. Since there weren’t any high-end apartments in the market during the first quarter, this drove the capitalization of high-end properties to rise by 11.9%.

In terms of the rental market, it has continued to follow the continued demand of foreign employees in Macau and owing to the supply shortage has caused the rents of high-end properties to continue to increase by 6.9% during the first quarter. “It is expected that the capitalization of high-end properties will continue to rise in the coming year. Moreover, a large number of foreign employees are attracted by the flourishing labor market and this will also help drive the demand for high-end properties and maintain the growth in the price of rentals.”
 

Midland Macau Limited is optimistic about the property market in Zhuhai, and has expanded its business to the city. It is the first company to be introduced to Zhuhai through the Macao Trade and Investment Promotion Institute (IPIM).  They set up the office with the assistance Zhuhai’s Foreign Trade and Economic Cooperation Bureau.  The Zhuhai operations began at the end of 2007. It has since been expanded and currently operates three branch offices in Gongbei, Jida, and Xiawan in Zhuhai city.

Ronald Cheung, CEO of Midland Macau Limited, pointed out that Macao is Zhuhai’s neighbouring city and has seen a continuously bullish property market in recent years. With high-end properties taking the lead, Macao’s real estate sector has reversed its past trend and attracted the attention of many investors and overseas funds, and thus revived the city’s property market and gave impetus to its economic growth.

Zhuhai, which is on the other side of the border of Macao, has also experienced a big economic growth in recent years. Its tremendous potential is given rise too by the construction of large infrastructure projects such as the Hong Kong-Zhuhai-Macao Bridge, the Guangzhou-Zhuhai Light Rail and the Guangzhou-Zhuhai Railway. Moreover, the city is in fact in the “one hour residential sphere” with its neighbouring cities. More and more business and ordinary people are expected to visit and live in the three communities in the future. The appreciation of the RMB gives further impetus to Zhuhai’s real estate boom. Seizing those positive factors, the Midland Realty (Zhuhai) believes that now is the right time to enter Zhuhai’s real estate sector. It hopes to bring Zhuhai further in line with international practices by introducing investment capital from Hong Kong and Macao, and even Southeast Asia, Japan Europe and America, relying on its years of experience in real estate intermediary business.

Aside from seizing market opportunities and introducing more foreign capital to Zhuhai, Midland Realty (Zhuhai) also aims at developing Zhuhai as another investment channel for Hong Kong and Macao investors. According to Peter Hon, Regional Managing Director of the Midland Realty (Zhuhai), alongside the recent boom of Macao’s property, many Macao residents have sought to buy property somewhere near the Gongbei Border such as Xiawan and Jida in Zhuhai, mainly for investment as well as for residential purposes.

Statistics show that of the new property owners in Zhuhai last year, some 1,400 are Macao citizens, accounting for 14% of the total market. Around MOP1 billion was invested into Zhuhai’s property market. There was an 18% increase year-on-year in the number of Macao residents becoming owners of property in Zhuhai. It is believed that this trend will continue to rise, and as such, Zhuhai will serve as the “buffer zone” for the overheated real estate market in Hong Kong and Macao, and ease the pressure of the limited property supply in both cities.

Macau Property Market Still Intact following Suspension of “Investment Residency Policy”

The ‘Venetian effect,’ has helped Macau’s property market remain unaffected by the suspension of the “Investment Residency Policy.” Insiders believe that Macau’s property market has a bright future with a golden age coming in the next five years. The inauguration of the Venetian Macau heralded the opening of the Cotai Strip™ and brought increased business to the local high-end property market, heating up transactions. Stimulated by various positive factors, the property market has seen buoyant buying and looks set for a boom. The number of people surveying properties rose by 30-40% compared to that of the same period last year. High-quality properties priced between MOP2.5 and MOP3.5 million are highly sought after. Taipa, a new residential area, has long been regarded as the most promising area for development and property transactions there are buoyant.

ICBC’s Seng Heng Bank Acquisition: A Win-Win Strategic Merger

The Industrial and Commercial Bank of China (ICBC) bought a 79.9333% stake in Seng Heng Bank (SHB), at a price of $4.683 billion in a transaction ceremony held at MGM Grand Macau at 10:30am on 28 January 2008. 

Jiang Jianqing, Chairman of the Board of Directors of ICBC, said that the SHB purchase constituted an important strategic move by ICBC, not only to consolidate its position as the leader in the Hong Kong-Macau-Zhuhai region, but also to expand into Asia on the international financial market as well. ICBC will make full use of its huge business network, client base, capital reserve and sci-tech capabilities to enhance all of the banking operations of SHB. Zhu Xiaoping, Chairman and Executive Director of SHB, said that with the advanced IT systems and leading position in Pearl River Delta Region that ICBC enjoys, SHB will be able to serve as a ‘window’ between the internal and external markets. 

During the early stages of the merger, ICBC made a comprehensive plan for its integration with SHB. In view of the fact that all of ICBC’s previous mergers and moves have yielded positive returns, there is good reason to believe that this merger will be a win-win situation.

美聯澳門為擴展業務範圍，看好珠海當地物業商機，零七年在澳門貿易投資促進局（IPIM）安排下，成為首間透過該局轉介至珠海外經貿局協助成立的公司，並於零七年年底開始在珠海設點試業，試業至今已有三間分行，遍佈拱北、吉大及夏灣。

美聯澳門行政總裁張一輝(Ronald Cheung)指出，鄰近珠海的澳門近年樓市升勢持續，去年更在豪宅盤主導市場下，將澳門整體樓市逆轉，吸引不少海內外投資者及國際基金注目，帶旺樓市增長，經濟穩步上揚；

與澳門一關之隔的珠海，近年經濟發展迅速，加上港珠澳大橋、廣珠輕軌及鐵路等大型基建動工，與周邊地方實現一小時生活圈，市場潛力優厚，料日後往來三地經商及居住的人士將會更為頻繁及人民幣升值將進一步有利珠海樓市發展。美聯物業(珠海)抓緊目前珠海各方面的利好因素，認為此階段是進駐的好時機，並憑藉集團多年來豐富的房地產仲介服務經驗，致力引進香港及澳門，甚至東南亞、日本及歐美等海外資金到珠海，冀能帶領珠海面向國際化，與世界接軌。

美聯物業(珠海)進駐的目的，除抓緊市場商機，引入更多海內外資金進駐珠海當地外，還希望為港澳人士拓展另一個投資管道，使珠海成為香港及澳門人投資的「後花園」。美聯物業(珠海)區域營業董事韓正鴻(Peter Hon)稱，近年澳門樓市熾熱，有不少澳門居民也紛紛轉戰鄰近珠海如夏灣、吉大等靠近拱北口岸的樓盤，多以投資兼自住形式。

據統計資料顯示，去年約有1400名新業主為澳門人，占總量的14%，約有10億澳門幣流入珠海房產市場，澳門業主同比增加了18%，料此趨勢將進一步增長，故珠海將可作為香港及澳門樓市過熱的「緩衝區」，成為澳門及香港的腹地，減輕物業供不應求的壓力。

美联澳门为扩展业务范围，看好珠海当地物业商机，零七年在澳门贸易投资促进局（IPIM）安排下，成为首间透过该局转介至珠海外经贸局协助成立的公司，并于零七年年底开始在珠海设点试业，试业至今已有三间分行，遍布拱北、吉大及夏湾。

美联澳门行政总裁张一辉(Ronald Cheung)指出，邻近珠海的澳门近年楼市升势持续，去年更在豪宅盘主导市场下，将澳门整体楼市逆转，吸引不少海内外投资者及国际基金注目，带旺楼市增长，经济稳步上扬；

与澳门一关之隔的珠海，近年经济发展迅速，加上港珠澳大桥、广珠轻轨及铁路等大型基建动工，与周边地方实现一小时生活圈，市场潜力优厚，料日后往来三地经商及居住的人士将会更为频繁及人民币升值将进一步有利珠海楼市发展。美联物业(珠海)抓紧目前珠海各方面的利好因素，认为此阶段是进驻的好时机，并凭借集团多年来丰富的房地产中介服务经验，致力引进香港及澳门，甚至东南亚、日本及欧美等海外资金到珠海，冀能带领珠海面向国际化，与世界接轨。

美联物业(珠海)进驻的目的，除抓紧市场商机，引入更多海内外资金进驻珠海当地外，还希望为港澳人士拓展另一个投资管道，使珠海成为香港及澳门人投资的「后花园」。美联物业(珠海)区域营业董事韩正鸿(Peter Hon)称，近年澳门楼市炽热，有不少澳门居民也纷纷转战邻近珠海如夏湾、吉大等靠近拱北口岸的楼盘，多以投资兼自住形式。

据统计数据显示，去年约有1400名新业主为澳门人，占总量的14%，约有10亿澳门币流入珠海房产市场，澳门业主同比增加了18%，料此趋势将进一步增长，故珠海将可作为香港及澳门楼市过热的「缓冲区」，成为澳门及香港的腹地，减轻物业供不应求的压力。

Developers believed Zhuhai’s property market will benefit directly from the planned Hong Kong-Zhuhai-Macau Bridge, and the market has recently resumed a rising trend in Q1, backing up developers’ confidence in launching new projects. Recently, Dantin Group commissioned Midland Realty (Zhuhai), a Zhuhai based developer, to be the broker of the upper-storey harbour-view flats of the Bayview Villa Phase 2 project.

According to Tony Leung, Regional Director in Zhuhai of Midland Realty, as infrastructure projects (Hong Kong-Zhuhai-Macau Bridge, Guangzhou-Zhuhai Light Metro Transit System, Guangzhou-Zhuhai Railway and Pearl River Delta Highway) gets underway; the increasing flow of people and goods in Zhuhai is beginning to have a positive impact on the economies of Zhuhai, Hong Kong and Macau. Because of this positive impact, the potential value of property investment in Zhuhai is enhanced. In view of the fact that Macau is only a checkpoint border away from Zhuhai, coupled with the rising value of the RMB, and with the soon to be implemented 24-hour border, Macau citizens may like to purchase properties in Zhuhai for their own purposes, which may cause Zhuhai’s property market to increase further. 

According to Leung, the flats located at Phase 2 of Bayview Villa, at no. 201, North Qinglu Road, which his company is commissioned to promote, are upper-storey full harbour-view flats reserved by the developer, priced at RMB1,050 or more per ft2. Leung added that the flats were much favoured at the initial promotion. Recently, in an optimistic mood about Zhuhai’s property market, a Hong Kong buyer purchased a 2,247 ft2 deluxe decorated lower-storey show flat at RMB2.92 million through the dealer, as long-term investment as well as for leasing, which is expected to yield a return as high as 0.5% monthly.

The Residencia - developed by San You Development Ltd. - overlooks the waterfront and will be launched soon. The developer recently launched an initial promotion for this project and plans to host a trade fair at Phase 1, 5th Floor, Pacific Place, Admiralty, Hong Kong on 17th and 18th May (Saturday & Sunday), from 2:00pm to 5:00pm.

Marketed as an integrated project, The Residencia is located at Areia Preta and is adjacent to the landing site of the proposed Hong Kong-Zhuhai-Macau Bridge. San You Development Ltd claims over 100 apartments have been pre-sold during the internal VIP subscription in March, with the highest price reaching $6,000 per square foot.

Property sales in Macau registered a sharp decline in transactions in the first quarter with the total number or transactions totally around 4,000. It is estimated to be a decrease of 30% as compared to that of the same period of last year. Although transactions have dropped, real estate agents claim that property was sold at higher prices, indicating the bullish prospect of the property market.

According to Wong Hio Weng, Sales Manager of Centaline (Macau) Property Agency Ltd (Nova Taipa Branch), foreign investors appeared to be less confident recently and as a consequence property sales slightly declined in the first quarter – property transactions in Taipa decreased by 10% to 15% in comparison to the same quarter last year, a direct affect of the sub-prime mortgage crisis of America and the current slump in the Hong Kong stock market. He pointed out that in spite of fewer transactions, property prices continued to rise. For example, the 800-square-feet small residences with two bedrooms located in Nova Taipa Garden are significantly favoured by homebuyers due to their high quality usable partitions and profitable return, of which the property prices climbed up from $2,300 and $2,400 per square feet last year to the current $2,800 per square feet, an increase of nearly 20%.

In terms of the tenancy market, property owners are standing their ground regarding the rentals while investors mostly take a wait-and-see attitude. A second-hand small flat with two bedrooms in Taipa area currently rents for $6,500 to $6,800 on average, an increase of 18% over the $5,500 of last year. Rental returns are as high as 0.4% to 0.45% per month.

Wong added that fewer transactions have been made recently because investors are waiting for another round of buying opportunities. In the second half of this year, and apart from Praia Grande, more residential projects will be completed and up for sale. Developers of the Taipa Wai Lung Road Project and Windsor Arch have successively declared that their properties will be on the market in the third and fourth quarters, which will add to the active property market. It is estimated that the new properties will once again target investors. Driven by the new properties, it is believed that property transactions will soon be growing in the second half of this year.

首季街铺租金上升7.4% 成交宗数减少61.6% 

人流旺地铺，业主更是惜货如金随着访澳客量及外雇队伍日渐增加，零售业对优质商铺面积需求增加，仲量联行最新一期《亚太区物业市场摘要》中指出，首季街铺租金上升7.4%；亦有市场资料指出，今年首季澳门的工商铺物业成交减少，整季只有466宗，涉及金额总值9.63亿元，较零七年第一季的1,212宗及15.6亿元，分别锐减61.6%及38.3%。

仲量联行《亚太区物业市场摘要》分析指出，未来数年，人口增加及旅游业收益上升将有助巩固零售业发展。部分大型零售商乐意支付较高租金保留优越地段铺位，如一化妆品连锁店以每平方呎（建筑面积）500港元续租板樟堂街铺，租金较同区平均租金高出一倍。供应方面，多家高级品牌落户澳门，还有新八佰伴、四季酒店购物中心等开幕。

投资者由一线商铺转站屋村地铺

另综合市场数据显示，银座广场一批面积介乎191至650平方呎商铺，月前以7,800至36,800元租出，呎租介乎23至68元，如一个面积483平方呎的铺位，每月租金3.13万元，呎租近65元。另外，信和广场的祥和阁一2,791平方呎地铺，每月租金8万元，呎租近29元。

由于一线商铺楼价已攀升不少，亦有部分投资者由炒卖旺区一线商铺，转移战线到吸纳屋村地铺，促成多宗成交。“如柏丽花园一个面积1,383平方呎地铺，新近以1,300万元成交，呎价9,400元。另荣升花园一个地铺，面积4,200平方呎，亦以3,200万元易手，呎价7,619元；怡景阁一个地下相连铺，面积2,100平方呎，早前以1,314万元转售，呎价6,257元。” 有业内人士更预期在本土内需带动下，料这些屋苑铺位价量均可按年上升10%。

物业市场气氛向好

据仲量联行《亚太区物业市场摘要》指出，高级住宅资本值上升11.9%。多个新推售项目均有理想销情：海擎天第2座，首批120个单位售出逾93%，呎价由3,500—4,700港元不等；明珠区寰宇天下，80个单位中售出75%，平均呎价3,500港元；明珠区君悦湾以呎价4,000—5,500港元推售；及凼仔皇族，196个单位中售出约75%，平均呎价约5,000港元。首季内未录得新的高级住宅供应。高级住宅资本值上升11.9%。

租赁市场方面，外籍雇员持续涌入，加上供应紧缺，高级住宅租金于首季上升6.9%。”预料未来十二个月高级住宅资本值将进一步上升。此外，澳门劳工市场蓬勃吸引外籍雇员涌入，亦可确保高级住宅租务需求强劲及租金维持升势。”

首季街舖租金上升7.4% 成交宗數減少61.6%

隨著訪澳客量及外僱隊伍日漸增加，零售業對優質商舖面積需求增加，仲量聯行最新一期《亞太區物業市場摘要》中指出，首季街舖租金上升7.4%；亦有市場資料指出，今年首季澳門的工商舖物業成交減少，整季只有466宗，涉及金額總值9.63億元，較零七年第一季的1,212宗及15.6億元，分別銳減61.6%及38.3%。

仲量聯行《亞太區物業市場摘要》分析指出，未來數年，人口增加及旅遊業收益上升將有助鞏固零售業發展。部分大型零售 商樂意支付較高租金保留優越地段舖位，如一化妝品連鎖店以每平方呎（建築面積）500港元續租板樟堂街舖，租金較同區平均租金高出一倍。供應方面，多家高級品牌落戶澳門， 還有新八佰伴、四季酒店購物中心等開幕

投資者由一線商鋪轉站屋村地鋪

另綜合市場數據顯示，銀座廣場一批面積介乎191至650平方呎商舖，月前以7,800至36,800元租出，呎租介乎23至68元，如一 個面積483平方呎的舖位，每月租金3.13萬元，呎租近65元。另外，信和廣場的祥和閣一2,791平方呎地舖，每月租金8萬元，呎租近29元。

由於一線商舖樓價已攀升不少，亦有部分投資者由炒賣旺區一線商舖，轉移戰線到吸納屋村地舖，促成多宗成交。“如柏麗 花園一個面積1,383平方呎地舖，新近以1,300萬元成交，呎價9,400元。另榮陞花園一個地舖，面積4,200平方呎，亦以3,200萬元易手，呎價7,619元；怡景閣一個地下相連舖，面 積2,100平方呎，早前以1,314萬元轉售，呎價6,257元。” 有業內人士更預期在本土內需帶動下，料這些屋苑舖位價量均可按年上升10%。

物業市場氣氛向好

據仲量聯行《亞太區物業市場摘要》指出，高級住宅資本值上升11.9%。多個新推售項目均有理想銷情：海擎天第2座，首批 120個單位售出逾93%，呎價由3,500—4,700港元不等；明珠區寰宇天下，80個單位中售出75%，平均呎價3,500港元；明珠區君悅灣以呎價4,000—5,500港元推售；及氹仔皇族，196 個單位中售出約75%，平均呎價約5,000港元。首季內未錄得新的高級住宅供應。高級住宅資本值上升11.9%。

租賃市場方面，外籍僱員持續湧入，加上供應緊缺，高級住宅租金於首季上升6.9%。“預料未來十二個月高級住宅資本值將 進一步上升。此外，澳門勞工市場蓬勃吸引外籍僱員湧入，亦可確保高級住宅租務需求強勁及租金維持升勢。”