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The outlook for Macau’s property market remains gloomy this year despite Beijing’s incentives to diversify the city’s economy away from the casino industry.
Andaz Macau will comprise over 700 rooms and suites, an Andaz Lounge, a bar and restaurant, a state-of-the-art fitness center and an indoor pool.
Residential prices have already dropped by more than 24 percent this year.
The Waterside, a luxury 59-unit project occupying Tower Six in One Central Residences, one of Macau’s most prestigious residential address, recently hit a 95 percent occupancy rate.
Property prices in Macau will continue to rise this year says the president of Macau’s Association of Real Estate Agents, Chong Sio Kin. Prices will rise about 5-10 per cent.