The population growth and demand for higher quality developments with superior amenities has had an effect on the property market In Macau.
Having arrived in Macau more than 10 years ago, I have witnessed the evolution of new residential projects being built in the region, particularly condo developments including the changes to the interior and exterior architecture, new kinds of amenities on offer and each development’s own autonomy.
These changes are a natural evolution. Macau’s growth is similar to its close neighbour, Hong Kong, but was accelerated by the new Casino Resort Projects which started in 2003, initiating the arrival of thousands of new skilled workers to Macau, from dozens of different countries. This caused exponential growth and consequently a higher demand on the property market.
Apartment interiors started to reflect the demand for upgrades such as better equipped kitchens. Complexes began to offer more in their public areas, and their amenities improved with many starting to incorporate gyms, party rooms, barbecues, swimming pools, tennis courts, kids outdoor and indoor playgrounds and more.
One Oasis for example, at the main gate of Coloane Island, in its first phase, opening in 2013, offered many new amenities at a location away from the main urban areas, and created its own autonomy with restaurants and supermarkets. Taipa’s new development “Nova Grand”, expected to open in 2018, is set to offer the first Lifestyle Mall in Macau, with shops and services providing autonomy for residents’ daily needs. Few developments in Macau before 2003 would have incorporated these features, but now these offers are becoming the standard for buyers and tenants.
Macau still has a long way to go in the development of residential projects, such as the quality of the fit-out construction, materials used, thermal and acoustic insulation and the energetic certification of the buildings. But the future is much brighter now than it was 10 years ago.
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