Composition Capital Partners has recently concluded a joint venture partnership with an experienced Macau developer.
The strength of the economy in Macau, stability of employment, increasing working population and demand for affordable units, underpin the partnership's development strategy to create affordable housing for Macau residents.
The partnership, concluded in July 2011, has a five-year term and will undertake the creation of carefully designed studio and one-bedroom apartments targeting first time buyers, currently priced out of Macau's typically high-end apartment market.
Composition's Macau partner is able to access niche site opportunities through their local network, experience and knowledge in this market. The partnership already concluded its first investment earlier this month: a 26-apartment development project in an infill-location in Macau's old town, to be completed in 2013.
Composition's Director for Asia, Bill Shaw, commented that the partnership's strength is its capacity to envision & access very local, small-scale development potential, unattractive to many developers given the scale, and to create well-planned & designed units maximizing space, for a stable group of purchasers who are not readily accommodated in Macau's residential market.
He added: "Composition is excited about our most recent activity in Macau. Our partner has demonstrated the skills and experience required to deliver this strategy: in fact we were attracted to this manager as they are one of the very few players in the market who could show us an excellent track record operating in this interesting niche market."
Source: Composition Capital Partners