Speymill Macau agrees US $132 million residential deal

Speymill Macau Property Company it had struck a $132 million deal to forward-fund the development of an upmarket residential building in Macau. The company has agreed to buy 259 units in the project from local developer Companhia de Construcao e Investimento Ho Chun Kei Limitada. These units are due for handover in 2010 (With units ranging from approximately 870 square feet gross floor area for 2-bedroom units to approximately 1,300 square feet gross floor area for 3-bedroom units, The development will consist of 4 towers). 30% of the total consideration is to be settled immediately with the rest payable upon completion.

"We remain confident in the demand for modern housing units in a supply-constrained economy that is growing its labour force very rapidly," said by director Peter Churchouse.