Sales of residential apartments at the Macau New Neighbourhood (MNN) development in Hengqin have been robust, with the director of the Hengqin Livelihood Affairs Bureau, Huang Yujie, indicating yesterday that more than 1,200 flats have been sold since the start of sales on 28 November last year. This equates to roughly 30 percent of the 4,000 or so units that are available.
The official, who was speaking to local media at a Greater Bay Area press event, also revealed that over 350 parking spaces had been bought.
These latest figures come a little over a month after developed Macau Urban Renewal Limited (MUR) revealed that a quarter of the apartments had been sold as of 6 March.
The boost in sales coincides with MUR’s lowering of the age eligibility criteria to encourage younger home buyers. In its statement, the company stated that Macao ID holders who are aged 18 or above are permitted to purchase a MNN unit.
[See more: More than 20,000 people from Macao are now living in Hengqin]
The company stated that the eligibility criteria was relaxed in response to feedback “from all sectors,” as well as “to the changes in the economic environment with new property market policies implemented in Macau and Hong Kong.
Developed by the Macao government, MNN is a housing project that is intended to further integrate Macao and Hengqin – a district of the neighbouring mainland Chinese city of Zhuhai – and expand accommodation options in a crowded SAR.
The housing development is set to further develop in the coming months with the opening of shops in July, as well as a Macao-affiliated school in September.
Despite strong sales, there are reports that some buyers are put off by the fact that the units did not have a 90 percent maximum financing rate, but only 80 percent financing.
