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2,000 registered for Hengqin housing project

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image Drawing of the Sea of Dreams project

The first residential real estate project in Hengqin has been overwhelmed by interested Macau buyers before construction. A local agent disclosed that the number of registrations has reached over 2,000. Most of the registrations occurred during the Macau International Real Estate Fair that was held this past weekend.
Located at the Hengqin new zone near the border gate and the University of Macau campus, Sea of Dreams will be constructed under the HuaRong Real Estate Co., Ltd – a state
owned corporatation, alleged to be the zone’s first residential real estate project. The development is designed to accommodate more than 1,800 households including luxury apartments.
Director of Chong Sai, Mr. Lao Ngai Leong, whose real estate company acts as Hua Rong’s agent in Macau, told the Times that two-room and three-room units are the most popular among potential Macau buyers. “Registered numbers have exceeded the planned supply, so we may need to take other measures after further policies come out,” Lao told MDT.
However, he also stressed that the registrations have no legal or contractual effect, “It simply shows residents’ intentions for purchase. Confirmation needs to be made after the price is settled”. Those registered will enjoy priority and be in the waiting list when purchasing, Director Lao promised. He is known as a Macau NPC delegate and also the specially invited supervisor of the Zhuhai general station Exit and Entry Frontier Inspection of the PRC.

 Registration merely shows intention to buy. Confirmation needs to be made after the price is settled

When asked about the expected selling price, all related parties seem to have their lips sealed. “The price is not known yet,” said Lao. The sales department in Zhuhai did not disclose the cost yesterday, but said prices could probably be fixed by the second half of the year and urged journalists to register to be kept informed.
Despite prices not being finalized by the property owner, Lao regards the reaction as positive – residents have said MOP20,000 or above for each square meter would be acceptable. “But not all apartments can be sold to Macau residents, some will have to be reserved for mainland residents,” Lao stated.
The Sea of Dreams project was promoted in the 2013 Macau International Real Estate Fair. Some local residents were interested in the project for “long-term considerations”. Mrs. Leong told Chinese media that Hengqin has convenient transportation and facilities inside the residential area that are well equipped. Compared with the fact that a double-room apartment in Macau costs at least MOP 5 million, she stated that the cheaper price was the most important factor. Leong told journalists that her family planned to buy two units for their children.
According to the developer Hua Rong, the project will cover an area of 120,000 square meters with facilities including low storied buildings as well as high rise towers, a kindergarten and even a business region.
The first phase of the project will hopefully go on sale during the second half of this year, Lao predicted. “But it is not confirmed yet. The project has to keep in pace with other development processes undergoing in the Hengqin new zone,” he reiterated on the phone. Part of the residence is said to be finished either at the end of this year or the beginning of 2014.
Lao attributed cheaper prices and good facilities for the popularity that the project is receiving: “Hengqin is regarded as Macau’s backyard. We are confident that this project can enlarge Macau’s limited living space,” he stated.

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