Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, is pleased to announce that it has sold The Sky House, an iconic 8,200 square foot penthouse, for HK$150 million (c.US$19.4 million).

The Fund acquired the one-of-a-kind property for HK$98 million (c. US$12.8 million) in April 2012, taking the view that demand for luxury private homes would continue to escalate as the city further transforms itself into a world class tourism and leisure destination.

The transaction price, which represents a 23% premium to the latest valuation of the property as at December 31 2012, resulted in a net profit of HK$47.1 million and generated a return on equity investment of 92%.

The divestment reinforces MPO'soverriding objective of crystallisingvalue and maximizing returns for its investors.

David Hinde, Chairman of MPO, said: "The Sky House acquisition proved to be an exceptional deal, with its disposal generating a significant return for our shareholders. Furthermore, it confirms our stance that demand for luxury private homes in Macau remains strong."

Further details

The deal was completed in full following the receipt of 100% of the transaction value from the buyer.

Part of the proceeds arising from the sale will be used to repay the outstanding HK$48.6 million (c. US$6.3 million) loan on the asset. The remaining net proceeds will enhance MPO'scash position by US$12.8 million and will contribute towards further share repurchases and, in exceptional cases, new acquisitions.

Spanning the top three floors of Tower 3 at One Central Residences, a landmark luxury property situated by the Nam Van Lake on the Macau Peninsula, The Sky House comes equipped with its own heated swimming pool, private elevator and balconies and commands unrivalled views of Macau's landscape.



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