79
Tightening lending controls also saw units and 372 parking spaces at Lot KL rents reductions.
mortgage rates for new loans rise to 3.75 to the Carlyle Group for HK$1.8 billion The rental value for high-end resi-
percent at the end of the year from 2.75 and the sale of a site at Estrada de Cacil- dential properties declined by 22.9 per-
percent in the middle of 2008. has for HK$300 million. cent in the fourth quarter and dropped
The Macau government’s decision to On the wider front, the average capi- 15.4 percent for the whole year. The
cap gaming licences, and the number of tal value for high-end residential prop- corresponding figure for the mass and
tables amid controls on mainland travel erties fell by 21.6 percent in the fourth medium market was 17.4 percent for the
did not affect the residential market di- quarter of the year and 21.4 percent for whole of 2008.
rectly but they did hit general feeling the whole of 2008. For the mass and me- Jeff Wong, Head of Macau Resi-
over economic growth prospects, and dium residential market, it dropped by dential at Jones Lang LaSalle said: “Al-
therefore affected market sentiment. 26.2 percent in 2008. though affordability remains healthy
In terms of the rental market, Las and interest rates stay at low levels, the
Big trades and expats Vegas Sands’ suspension of projects and negative impact stemming from rising
the resultant lay-offs of expatriates put unemployment and salary cuts may cast
Noteable investment sale transac- downward pressure on the actual number shadow over the market.
tions in 2008 included the sale of 372 of rentals. It also exerted pressure for “The tight credit environment is
Diminishing wealth effect to slow investment demand More expensive mortgage borrowing
Source: DSEC, Yahoo finance Source: Jones Lang LaSalle
Residential sales volume hit a new record low
A shrinking expatriate community
to affect residential leasing demand
A game of two halves
Source: DSEC Source: DSEC
A sharp fall in high-end residential financial performance... ...and even larger declines in the mass and medium market
Source: Jones Lang LaSalle Source: Jones Lang LaSalle
Limited investement sales transactions were recorded in 2008
Date Property Transacted Units Purchaser Property Sales Price
Unit Rate
(per sq. ft. gross)
Aug 08 Lot KL project 372 units and 372 carpark Carlyle Group Lot KL project HKD 1.8 bil Approx. MOP 3,000
Sep 08 Estrada de Cacilhas Land Value Convergence Estrada de Cacilhas HKD 300 mil -
JV with Macquarie
february 2009
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