Inside Asian Gaming

35 out, with prices averaging HK$4,500 per square foot, with some duplex units costing more than HK$6,000 per sq. ft. Harbour Mile, a site near Shun Tak’s Macau Tower and Conven- tion Centre is not due for completion until 2010. It will have a gross floor area of 3.8 million feet, containing a 500-room hotel likely to be pitched at executive travellers, a 200,000 sq. ft casino, 500,000 sq. ft of office space, 700,000 sq. ft for retailers and 2 million sq. ft of residential space. Because of its prime location, Morgan Stanley thinks Harbour Mile’s apartments are likely to attract sales premiums of at least HK$5,500 per sq. ft. Taking flight In addition to its property interests, the company has a direct stake in another growing sector likely to be increasingly important in Macau’s economy—air travel. It has a 31.4 % share in Macau Asia Express, a low cost carrier due to start services from Macau to other Asian cities later this year. STH has told analysts the airline will have an initial HK$30 million investment and start operations with two air- Development Timeline for Nova City I-V Source: Hopewell Holdings, Morgan Stanley Research No. of GFA Estimated Units (000 sq.ft. ) Compl. Cost (HK$) Nova City PHase I 5 blocks 680 million (684 units) 1,100 completed (620 /sq.ft. ) Nova City PHase II 4 blocks 680 million (552 units) 970 Apr-07 (640 /sq.ft. ) Nova City PHase III 4 blocks 700 million (552 units) 970 Apr-08 (620 /sq.ft. ) Nova City PHase IV 5 blocks 640 million 600 units 680 Jan-09 (620 /sq.ft. ) Total 5 blocks 2,388 units 3,700 2,640 million Nova City PHase V Approx. 680 million (under planning) 1,400 units 1,622 Dec-10 n/a Shun Tak Development Properties Total Attri, Cost of Pending Market Market % Est Dat Of Floor Area Floor Area Construction Const Cost Price Value Project Name Location Held Completion (sq,ft,) (sq,ft,) (HK$/sq,ft,) (HK$M) (HK$/sq,ft,) (HK$M) Harbour Mile Macau Residential 100% Jun-10 2,000,000 2,000,000 800 1,231 5,500 7,504 Residential 100% Jun-10 700,000 700,000 900 489 4,800 2,292 Residential 100% Jun-10 500,000 500,000 900 355 4,000 1,364 Residential 100% Jun-10 500 500 600,000 237 2,000,000 682 One Central Macau, PRC Residential 51% Jun-09 1,500,000 765,000 800 535 4,500 2,671 Residential 51% Dec-08 380,000 193,800 800 145 9,600 1,532 Residential 51% Dec-09 760,000 387,600 900 288 5,500 1,558 Residential 51% Jun-09 210 107 1,200,000 115 4,000,000 332 Nova City Macau Residential 25% Apr-06 1,100,000 275,000 620 31 1,750 481 Residential 25% Apr-07 970,000 242,500 640 108 1,900 459 Residential 25% Apr-08 970,000 242,500 730 176 2,400 514 Residential 25% Jan-09 680,000 170,000 940 147 2,650 366 Residential 25% Dec-10 1,622,000 405,500 940 278 2,900 761 Shuk Tak Cotai Macau Land 10% Exist 2,100,000 1,680,000 0 0 1,000 1,680 One Central, the JV with Hongkong Land, overlooking Nam Van Lake at the southern end of the Macau peninsula, will feature a luxury shop- ping mall similar to The Landmark in Hong Kong, a new five-star hotel managed by Mandarin Oriental and luxuryapartments.