{"id":21302,"date":"2016-07-29T14:04:02","date_gmt":"2016-07-29T07:04:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-the-worst-over-for-macaus-hard-hit-property-market\/"},"modified":"2016-07-29T14:07:45","modified_gmt":"2016-07-29T07:07:45","slug":"is-the-worst-over-for-macaus-hard-hit-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-the-worst-over-for-macaus-hard-hit-property-market\/","title":{"rendered":"Is the worst over for Macau\u2019s hard-hit property market?"},"content":{"rendered":"


\nWith new projects on the horizon and gaming revenues looking resilient, the property market in Asia\u2019s casino capital could now bet on a reversal of fortunes
\nWhat happens in Macau, stays in Macau; the Las Vegas of Asia. Michell Zappa (Flickr)
\nMacau\u2019s property market appears poised for a rebound, now that gaming revenues in the Asian casino capital are showing signs of a pickup after months of continuous drops.
\nSheldon Adelson, the billionaire owner of Macau\u2019s largest casino operator, led a chorus of optimistic voices saying that a turnaround in Macau\u2019s gaming industry is imminent.
\n\u201cStabilization appears to be here,\u201d Adelson said in a recent investor call. \u201cWe\u2019re very happy that there\u2019s one month that hit the bottom and we have no reason to believe that that\u2019s not going to continue.\u201d
\nGaw Capital Partners\u2019 upmarket development Oscar Crescent, which boasts views of the Macau Jockey Club, sold 90 percent or 175 out of 200 units on its first day of launch earlier this month. Prices started at HKD8,500 (USD1,100) per square foot.
\n\u201cThese prices are 30 per cent off what we could have sold them for two years ago,\u201d Goodwin Gaw, chairman of Gaw Capital, told Bloomberg.
\nMore: Zaha Hadid\u2019s last architectural hurrah in Macau
\nJones Lang LaSalle (JLL) had declared earlier this month a bottoming-out of the Macau property market. Capital values of Macau\u2019s high-end residential properties fell by 15.4 percent year-on-year in the first half of 2016, while high-end residential rents plummeted by 29 per cent year-on-year in the same period, JLL data showed.
\n\u201cIt\u2019s too optimistic to say there will be a sharp rebound but I would say that prices have hit the bottom already so we believe that the prices will continue to consolidate at the current level, say, within a range of five to 10 per cent,\u201d JLL Macau\u2019s residential property chief Jeff Wong Chi Wai said.
\n\u201cFor the timing being, we believe the market has bottomed out,\u201d Richard Yue, chief executive officer of Arch Capital Management Company Ltd, which is developing the One Oasis project near Macau\u2019s Cotai Strip, told Bloomberg.
\nPotential homebuyers could descend on the Chinese SAR\u00a0with the forthcoming opening of casino projects such as Sands China Ltd\u2019s Parisian and Wynn Macau Ltd\u2019s Wynn Palace.
\nIn addition, JPMorgan now expects a 2 percent increase in Macau\u2019s gross gaming revenue by the fourth quarter, Bloomberg reported.
\nCasino revenues in Macau had fallen 8.5 percent in June, marking the 25th consecutive month of year-on-year drops. In 2014, Chinese President Xi Jinping launched a nationwide anti-gambling campaign that, among other measures, dampened an appetite for using UnionPay, a state-backed bank card, in casinos.
\nRead next: Reinventing Macau
\n
\nSource : property-report.com
\nRead more…Is the worst over for Macau\u2019s hard-hit property market?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With new projects on the horizon and gaming revenues looking resilient, the property market in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21302","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5xA","jetpack-related-posts":[{"id":113574,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macaus-property-market-set-for-gloomy-2020-despite-beijings-plans-to-transform-it-into-a-financial-hub-say-analysts\/","url_meta":{"origin":21302,"position":0},"title":"Macau\u2019s property market set for gloomy 2020 despite Beijing\u2019s plans to transform it into a financial hub, say analysts","date":"January 13, 2020","format":false,"excerpt":"\r The outlook for Macau\u2019s property market remains gloomy this year despite Beijing\u2019s incentives to diversify the city\u2019s economy away from the casino industry, according to analysts.President Xi Jinping expressed his government\u2019s support for Macau to move away from its reliance on gaming revenues to become a world centre for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":156407,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macau-luxury-property-the-13-hotel-sells-for-hk600-million-to-a-local-buyer\/","url_meta":{"origin":21302,"position":1},"title":"Macau luxury property The 13 Hotel sells for HK$600 million to a local buyer","date":"June 25, 2025","format":false,"excerpt":"\r The 13 Hotel, touted as one of the world\u2019s most expensive hotels, has been acquired for HK$600 million (US$76.43 million) by an unidentified investor in Macau, the city\u2019s first such property transaction in eight years. The sale of the 22-storey lodging in Macau\u2019s southernmost district of Coloane concluded a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109340,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macaus-first-half-home-sales-plunge-as-us-china-trade-war-dampened-sentiments-among-investors-and-developers\/","url_meta":{"origin":21302,"position":2},"title":"Macau\u2019s first-half home sales plunge as US-China trade war dampened sentiments among investors and developers","date":"July 25, 2019","format":false,"excerpt":"\r Macau\u2019s residential property market has fallen victim to the protracted US-China trade war, as investor sentiment sours and developers hold off on new projects.Home sales in the world\u2019s largest gambling hub, which sits off the coast of southern China, plunged 42.2 per cent in the first half from the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":151515,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macaus-most-opulent-lodging-the-13-hotel-and-casino-up-for-sale-again\/","url_meta":{"origin":21302,"position":3},"title":"Macau\u2019s most opulent lodging, The 13 Hotel and Casino, up for sale again","date":"April 20, 2025","format":false,"excerpt":"\r The 22-storey luxury property in Macau\u2019s Coloane district was estimated last year to be worth US$309 million.\r \r Source : South China Morning Post\r Read more...Macau\u2019s most opulent lodging, The 13 Hotel and Casino, up for sale again","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macaus-property-market-reels-from-coronavirus-as-transactions-fall-to-lowest-levels-since-financial-crisis\/","url_meta":{"origin":21302,"position":4},"title":"Macau\u2019s property market reels from coronavirus as transactions fall to lowest levels since financial crisis","date":"May 5, 2020","format":false,"excerpt":"\r Macau\u2019s property market has been dealt a heavy blow on all fronts by the coronavirus outbreak, and its recovery will need to rely on the city\u2019s beleaguered tourism and gaming industry, analysts said.Residential property transactions in the first quarter of the year were at the lowest levels since 2009,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118656,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macau-hotels-and-casinos-look-forward-to-upcoming-golden-week-holiday-as-travel-restrictions-with-china-are-eased\/","url_meta":{"origin":21302,"position":5},"title":"Macau hotels and casinos look forward to upcoming golden week holiday as travel restrictions with China are eased","date":"September 17, 2020","format":false,"excerpt":"\r The upcoming \u201cgolden week\u201d holiday will come as a relief for Macau\u2019s struggling casinos and hotels, as hordes of Chinese tourists are expected to travel to the gaming destination after restrictions for visitors from across the mainland are eased from next week.Initial hotel bookings indicate that things are starting\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21302"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=21302"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=21302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=21302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=21302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}