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One Oasis launches Phase 3 amid market uncertainty
One Oasis announced the launch of its Phase 3 high-end residential project in Cotai in the first quarter of this year amid a traditional low-tide market condition typical of the beginning of a year.
One Oasis held a press gathering yesterday to brief the media on the new phase of the housing project, expected to be completed in the second half of 2015.
Comparing to Phases 1 and 2, the latest project put its focus on comparatively small 1- or 2-bedroom units ranging from 580 to 1,300 square feet, as well as 2,400-square-feet 4-bedroom en-suites. The number of units for public sale is not yet available. And as with the previous phases, Phase 3 also boosts luxurious clubhouses and vicinity to a number of resorts and casinos in the Cotai Strip, including the Giant Panda Garden.
Sales of uncompleted-flats, however, will start on the first quarter of this year. According to the company, the “target market price” will be set at around MOP 5,500 to MOP 6,200. The developer is optimistic of the sales prospect due to the robust local economy, strong performance of gaming and tourism industry, low interests rates and development potential of the Hengqin new zone, and expects that the major group of clients will continue to be buyers from Macau, Hong Kong and mainland China.
The sales of Phase 1 in April last year took property deals to a record high. But this time, dealers in the market are more uncertain if a similar effect is going to happen.
Ronald Cheung, Midland Macau’s sales director told Macau Daily Times yesterday that it would be difficult to expect an equally positive acceptance by the market.
“The effect of stamp tax increase could not be undervalued,” he said.
However, Cheung also pointed out that the new phase had its attractiveness, including smaller units, lower first-installment and more flexible payment. And, as the first major property project to be launched this year, One Oasis has its attractiveness, especially when the market had been low and quiet for quite a while and potential buyers are out again for new targets, especially those looking for investment chances in the Hengqin area.
He would not comment if the price of MOP 5,500 – 6,200 was reasonable. “Let’s leave it for the market’s decision.”
As to its effect on the first and second-hand property market, Cheung said due to its geographic position, the effect would probably be limited to the Cotai area, especially the second hand market of One Oasis Phase 1 and 2, rather than the market in downtown areas.
One Oasis’ developers consists of Hong Kong-listed companies as well as developers, builders and international investment institutions, including ITC Properties Group Limited, Linkeast Investments Limited, Nag Fung Group, ARCH Capital Management and Success Universe Group.
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