Macao developer branches out into hotels as bridge set to bring more visitors
A Macao developer is tapping into the rental and hotel segments to cash in on the opportunities expected from the opening of the Hong Kong-Zhuhai-Macao bridge this year and the upswing in property prices.
Philip Pang, partner at Telok Real Estate Partners, said the company has at least three projects that will be ready for lease this year, including one in Taipa’s Old Village, a budget hotel for young travellers and a co-living project in Macao Peninsula.
Pang said the bridge will help to drive up hotel room rates in Macau by “at least 5 to 10 percent”.
According to Macao Government Tourism Office, visitor arrivals grew 5.4 percent to reach 32.6 million last year, while overnight visitors jumped 22.2 percent to 17.28 million. Average occupancy stood at 91.2 percent in February, up 4.5 percent year on year, while room rates averaged 1,504 patacas (USD 186), rising 16.5 percent year on year.
The consultancy JLL expects tourist arrivals to reach 35 million soon after the HK$100 billion (USD 12.7 billion) bridge opens. It will also provide an incentive for the nearly 58.47 million tourists to Hong Kong each year to visit Macao as the travel time will be shortened to only 30 minutes.
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