Sales of residential apartments at the Macau New Neighbourhood (MNN) development in Hengqin have been robust, with recent figures from Macau Urban Renewal Limited (MUR) indicating that more than 1,000 flats were sold between the start of sales on 28 November and 6 March 2024. This equates to roughly a quarter of the 4,000 or so units that are available.
In a written response to an inquiry from lawmaker Leong Sun Iok, the chairman of the government-owned company, Lam Kam Seng, noted that 800 online registrations had already been signed over this period and that some home owners were already moving into their units.
MUR recently lowered the age eligibility criteria to encourage younger home buyers. Yesterday, the company released a statement to announce that Macao ID card holders who are aged 18 or above are now permitted to purchase a MNN unit.
[See more: Macau New Neighbourhood flooded with 500 applications in one day]
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.
Despite strong sales, local media reports that some buyers were put off by the fact that the units did not have a 90 percent maximum financing rate, but only 80 percent financing.
