Don’t move, improve! This is exactly what’s now happening in Macau… Billions of US dollars, when they were worth anything, were poured into Macau for the leisure and gaming industry by the main players such as Wynn, Venetian, MGM, etc.Stanley Ho lost his 40 year old monopoly on gaming licenses, thus creating the largest building site of high end design and construction in the world since the pyramids. Billions of British pounds, Hong Kong dollars and Chinese Yuan soon flooded the market to invest in property, services and new businesses to cater for the industry.
Just as a four bedroom apartment in Macau late last year was selling easily for $7.8 million (11 HKD to 1 GBP) and Sheldon Adelson’s US$7.2bn was looking like a good investment, the stock market crashed and so too did the Cotai Strip project and all associated investments. Many properties were invested in with the hope that they would be leased out to the 60,000 professional immigrants that would be needed to service the Strip prior to and upon completion.
22 high level cranes on the Strip stood idle at the beginning of 2009 and not being able to sell or rent and in most cases not be able to live in, due to new Chinese visa restrictions, many mainland Chinese investors are now choosing to employ local architects, designers and contractors to renovate and improve their properties so when the market does return in what many believe, is imminent, the investors shall resume their faith in property investment, both residential and commercial.
Macau will inevitably become a tourist hub for Asia as London has always been for Europe and anyone that has either invested in property or bought a family home, improving and not moving is the only way forward to look after your investments.
Guest Blog by: Nigel Godden, Resident Architect in Macau. nigelgodden@yahoo.co.uk
Posts
No comments:
Post a Comment