Macau Urban Renewal Limited (MUR) said yesterday that the prices of flats in its Macau New Neighbourhood (MNN) residential project in Zhuhai’s Hengqin island – 30,000 yuan (33,045 patacas) per square metre on average – could not be reduced, as at this price the company might even incur a loss in its upcoming MNN home sales.
The company also said yesterday that it was now aiming to start MNN home sales next month. MNN home sales were initially slated to start last month.
MUR underlined yesterday that because of the MNN flats’ premium quality, the average price of 30,000 yuan per square metre was the lowest possible price that it could offer potential buyers.
MUR Chairman Peter Lam Kam Seng made the remarks when replying to an oral interpellation by directly-elected lawmaker-cum-unionist Leong Sun Iok during a plenary session in the legislature’s hemicycle.
The MNN project, which got off the ground in 2021, is developed by MUR, which is owned by the Macau government.
MUR said earlier this year that the MNN flats will be sold at an average price of 30,000 yuan per square metre. In his interpellation, Leong noted that since MUR announced the price, Zhuhai’s residential property prices have dropped by a “relatively substantial” amount. Leong asked whether MUR would consider the possibility of lowering the prices of the MNN flats in the wake of Zhuhai’s latest property market developments.
The MNN neighbourhood consists of 27 residential towers with 19 to 26 floors each. The project will provide around 4,000 units for purchase, as well as around 200 units earmarked for highly-qualified professionals for rent only.
Macau residents aged 18 or over who do not own any residential property in Zhuhai nor own more than one residential unit in Macau will be eligible to buy an MNN flat.
The MNN neighbourhood will have a school, a health station, a service centre for senior citizens, and a family service centre. The school will provide kindergarten and primary school education.
There will be a few dozen shop units in the MNN commercial space, which covers around 5,000 square metres.
Lam noted during yesterday’s plenary session that a new building will be constructed in the MNN neighbourhood earmarked for secondary school education, which would cost a few hundred million yuan. In addition, Lam said, the MNN flats are of premium quality.
Consequently, Lam said, MUR might incur a loss in its upcoming MNN home sales with the flats’ average price set at 30,000 yuan per square metre.
Therefore, Lam said, there was “very little” room to lower the MNN flats’ prices.
Home sales to start next month
Meanwhile, Lam also said that MUR was now aiming to start MNN home sales next month, a change from the initial September sales start, because the company aimed to ensure that “everything in the MNN neighbourhood is ready in the best possible way” before starting the home sales.
Some 80 percent of the MNN residential units are two-bedroom flats, while the remaining 20 percent are three-bedroom flats. Each two-bedroom flat has a gross floor area of about 88 square metres, while each three-bedroom flat has a gross floor area of about 118 square metres.
Unit prices
Lam also said yesterday that the two-bedroom flats will be sold at an average price of around 2.6 million yuan, while the three-bedroom flats will be sold at an average price of around 3.6 million yuan.
Lam noted that the site where the MNN neighbourhood is located covers a total of around 190,000 square metres, of which green areas cover around 70,000 square metres.
The neighbourhood will feature facilities such as tennis courts, basketball courts, and children’s playgrounds, Lam said.
According to Lam, the MNN neighbourhood’s property management company will hire staff fluent in Cantonese to work at its service centre in Hengqin with the aim of making it more convenient for Macau residents living there to communicate with property-management staff.
Lam also said that MUR had received about 700 applications for operating around 40 retail units in the MNN commercial space. The units will cover businesses such as banks, Chinese restaurants, cafés, supermarkets, express courier outlets, hardware stores, and hair salons.
Macau Urban Renewal Limited (MUR) Chairman Peter Lam Kam Seng addresses yesterday’s plenary session in the Legislative Assembly’s (AL) hemicycle. – Photo courtesy of TDM
This undated handout photo released by Macau Urban Renewal Limited (MUR) last month shows the Macau New Neighbourhood (MNN) residential estate, including a school (red), in Hengqin.
