STRATEGIC PRUDENCE

The three Linchpins of First Horizon's investment stratgy

Small as Macau is, possibilities abound and, sometimes, can be misleading. First Horizon
recognizes the importance of a sound strategy to realize its vision. There are three strategic focal points devised by the Management Team, on which all investment decisions are based: scarcity, cultural uniqueness, and proximity to future tourist routes.

• Within the peninsula, there are only around 300 tracts of those small-to-medium-sized
  vacant lands available for acquisition. The limited supply implies that any increase in
  demand will create a disproportionate upward momentum on prices; and the ominant
  developer will command vast price-setting powers.
  
• Some properties in Macau possess unique cultural characteristics that are impossible to duplicate – such as being situated within a locality where there is a peculiar blend of
  historical, natural, and social elements. These are priceless pieces ideal for “cultural living” concepts.
  
• First Horizon also focuses on the future trends of tourism in Macau. In particular, the future tourist routes accommodating the increasing popularity of the World Heritage sites. The company has compiled a list of prospects that have a high potential of becoming new shopping and dining areas catering to new tourist demand.
  

Scarcity, cultural uniqueness, and proximity to future tourist routes are the three linchpins of
First Horizon’s investment strategy.

步步為營
「三思而後行」的投資策略

雖說澳門地方狹小，可供發展的項目郤絕對不少，投資存在一定風險。第一海域有限公司深明若要達到預期目標，就必須擁有一套卓越及穩健的投資策略。為此，公司的管理團隊制定了三個戰略重點，用以衡量每個項目的投資價值。此三個要點為：物業的稀有程度、文化獨特程度、和與將來觀光路線的接近程度。

　現存於澳門半島內可供收購的中小型地皮只得約三百幅，有限的供應意味著需求的增長將引發不相稱的價格上漲壓力，致使市場的領導者將擁有高度的價格操控能力。

　部份澳門物業具有別樹一格的文化持質，如位處於一個擁有獨特的歷史、天然及社會元素的地點，這些都是無法模仿複製的。此等物業最適用於發展成為無價的「文化生活」概念項目。

　第一海域有限公司也關注未來澳門旅遊業發展趨勢，尤其是世遺景點對未來遊澳觀光路線的影響。根據這些分析，公司已認定將可能成為新旅遊零售及餐飲等必要設施的理想場所。

　物業的稀有程度、文化獨特程度和與將來觀光路線的接近程度就是第一海域有限公司投資策略的三大重點。