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Macau Property Opportunities Fund NAV up 9.5 per cent

The Macau Property Opportunities Fund (MPO) saw total adjusted NAV rise 9.5 per cent to USD306.7m whilst IFRS NAV increased by 2.25 per cent to USD221.8m, according to the firm’s final results for the year ended 30 June 2012.

Adjusted NAV per share as at 30 June 2012 was USD3.01 (Sterling terms: 191p1), representing an uplift of 10.4 per cent (Sterling terms: 12.9 per cent).

MPO’s property portfolio is valued at USD374.8m (2011: USD333.7m), while the fund had a cash balance of USD42.7m as at 30 June 2012, of which USD6.6m was pledged as collateral for MPO’s banking facilities.

During the year, 800,000 shares have been repurchased and cancelled. To date, 5,070,250 shares (approximately five per cent of MPO’s issued share capital) have been repurchased and cancelled since MPO’s inception.

MPO made a new acquisition during the year, the The Sky House, an 8,000-square feet triplex penthouse in Tower Three of One Central Residences purchased for USD12.6m in April. The asset has registered an uplift in value of 22 per cent as at 30 June 2012.
The Sky House complements MPO’s other iconic residence, The Green House, and enlarges the company’s footprint in one of its preferred asset classes – luxury private homes.
Occupancy has reached 86 per cent at The Waterside (based on total gross floor area). Net yield stood at 2.4 per cent on a per square foot basis, while latest achieved rents were up to 18 per cent higher than a year earlier.
The Sapphire Suites, a special collection of premium units on high floors, have been extremely well-received, with all eight units taken up since the collection was launched in February.
The Concrete structure of The Fountainside is now topped-out, with internal fit-out and finishing well underway. Unsold units (comprising 66 per cent of gross floor area) will be released when the project is completed in early-2013.
MPO has made further planning progress at Senado Square, a prime retail development. The company is cautiously optimistic that it will soon be able to proceed with the submission process for its architectural design.
David Hinde, the company’s chairman, says: “Your company remains well-positioned to capture future growth. We have a top quality portfolio of well-positioned assets, our business is adequately funded and we remain fully focused on delivering value to shareholders.
“It is inevitable that Macau’s phenomenal pace of growth over the past decade will moderate, yet the drivers remain very much intact to achieve double digit growth over the next several years. We continue to emphasise to our shareholders that Macau’s primarily gaming-driven economy is significantly different to China.

“The board believes that it is important to formulate a clear ongoing strategy that will not only capitalise on the next phase of Macau’s anticipated growth, but also address asset realisations and meet the needs and expectations of shareholders who have supported MPO over the years. We look forward to engaging with shareholders in these discussions in the coming months.”

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