New Neighbourhood project: Only one-third of flats sold in 2024

More than a year after its sales launch, only 34% of the 4,070 flats at the Macau New Neighbourhood (MNN) project in Hengqin have been sold, according to the latest annual report from Macau Urban Renewal Limited (MUR).

Between November 2023 and the end of 2024, only 1,388 units were sold, accounting for 34% of total flats. The purchase of parking spaces has also slowed – only 462 of the 3,973 spots released in May 2024 were sold, representing just 11.6%.

As cited in media reports, MUR noted that more than 2,500 Macau residents have moved into the complex, with numbers said to be “steadily growing.”

The report noted that public services are fully operational and that most retail shops have opened, forming a “15-minute living circle.”

Over 80% of supermarkets, restaurants, banks, barbershops, laundry services, and retail stores are run by Macau-based merchants, reinforcing the project’s mission of boosting local business integration in Hengqin.

The MNN development is the first residential complex in the mainland exclusively available to Macau residents.

It includes 27 residential towers with two- and three-bedroom units, sold at a base price of RMB30,000 per square meter.

Twice in 2024, MUR relaxed purchase restrictions to stimulate demand.

In May, the developer eliminated requirements that buyers must not own property in Zhuhai or more than one unit in Macau, removed the five-year resale ban, and lowered the minimum purchase age to 18.

The company aims to create “a livable community that meets the needs of all social groups” and encourages Macau SMEs to integrate into the Greater Bay Area and bring in more local brands.

The project is viewed as an initiative to deepen ties between Macau and mainland China, with expectations that between 12,000 and 15,000 residents from the Macau SAR will eventually relocate to the neighborhood.

A primary school within the neighbourhood in Hengqin opened in 2024, and a secondary school is currently under construction, expected to begin operations by 2026.

The development is part of broader government plans to encourage Macau residents to settle in Hengqin and integrate more deeply with the Greater Bay Area.

In a policy address delivered in April, Chief Executive Sam Hou Fai reaffirmed that the development of Hengqin and strengthening cooperation with mainland China remains a top priority for the SAR Government.