Singapore-based SGX catalist-listed property developer KOP Limited (“KOP”) has entered into a joint venture with Chinese state-owned enterprises, Shanghai Lujiazui Development (Group) Company and Shanghai Harbour City Development (Group) Co. Together, all three companies have set up Shanghai Snow Star Properties to jointly develop the SGD1.2 billion integrated ski resort, Wintastar Shanghai. Slated to open in 2022, the year of the Beijing Winter Olympics, Wintastar Shanghai will cover a gross floor area of 227,000 square metres. The massive development will consist of its centrepiece, a 90,000 square-metre alpine-themed ski and snow park, along with four themed hotels with over 1,000 keys that will be managed by KOP’s luxury hospitality brand, Montigo Resorts. KOP will invest SGD360 million for the integrated resort, equating to a 30 per cent stake in the joint venture company and will also have a 70 per cent stake in the operating company that will run the integrated resort.
The Quang Binh province has awarded investment licenses and cooperation deals for 66 projects worth nearly VND162 trillion at the Quang Binh Investment Promotion Conference on 27 August. Certificates of investment registration were granted for 36 projects owned by 23 investors with a total investment of VND29.7 trillion (USD1.27 billion) and investment cooperation agreements were awarded for 30 projects owned by 24 investors with a total investment of VND132.5 trillion (USD6.05 billion). Notable investment registration certificates include a USD47.3 million 357-key Pullman Quang Binh by Hanoi-Quang Binh Tourism JSC, slated to open in 2020 and another USD30.1 million hotel project invested by Quang Binh Investment Co. Ltd.. Among the investment cooperation agreements were the USD104 million Son Hai Resort project by Son Hai Group and the USD208 million TMS Quang Binh resort by TMS Global JSC. The province registered a 71% increase in the number of tourist arrivals and a 110% increase in foreign arrivals last year. With a robust growth in tourist arrivals, the Quang Binh province is looking to further develop its tourism services, including the upgrade of the Dong Hoi Airport into an international airport by 2020.
Construction of 360 Boulevard Bundusan, a new integrated mixed development, has begun on 18 August. The development, with a RM1.5 billion gross development value, will be built on a 10-acre site located in the heart of Bundusan Town, Penampang, a suburb of Kota Kinabalu in East Malaysia. 360 Boulevard Bundusan offers approximately 280,000 sqm of commercial space that comprises 50,000 sqm retail space, an eight-hall cinema, an ‘edutaiment’ centre with co-working space, two office towers, a hotel and 750 serviced suites. Developed by Homesign Network and Borneo Kemuncak Riang Sdn Bhd., 360 Boulevard Bundusan is expected to become a tourist destination in Kota Kinabalu, attracting locals and tourists alike. Slated to complete in four years, the development will benefit the surrounding community by offering more business, investment, and job opportunities and will meet the increasing tourism demand in the area.
W Hotel by US-based Marriott International, Inc (“Marriott”) debuted its first Malaysian hotel in the heart of Kuala Lumpur (KL), strategically located next to the iconic Petronas Twin Towers. Owned by Malaysia-based Tropicana Corporation Berhad (“Tropicana”), the 150-key property provides guest rooms and suites, including two WOW suites and the lavish Extreme WOW Suite (its presidential suite). Other facilities include six diverse food and beverage options, a 1,100-square-metre AWAY®Spa, a FIT gym and over 1,500 m2 of event space. W Hotel Kuala Lumpur will join the list of latest luxury hotel openings in the capital city of Kuala Lumpur, after the opening of the 236-key Four Seasons Hotel Kuala Lumpur and the 323-key Banyan Tree Kuala Lumpur in recent months.
US-based Wyndham Hotel Group (“Wyndham”) announced the opening of its first Wingate by Wyndham® Hotel in Sanya City of China, also its first in Asia Pacific. Enjoying an excellent location, Wingate by Wyndham Sanya Luhuitou backs the beautiful Luhuitou Scenic Area, overlooks the natural Nanbain Harbour, while being just a 10-minute drive from downtown and 30-minute drive from both Sanya Phoenix International Airport and Sanya Railway Station. The hotel offers 190 modern, stylish guestrooms designed to provide guests with a comfortable and unique lodging experience. The hotel features five distinctive restaurants and bars as well as flexible meeting spaces. Other entertainment and leisure facilities at the hotel include a fitness center, a yoga room, a large outdoor swimming pool, a photography studio, a kid’s club and a heated kid’s swimming pool.
HVS, the world”s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, celebrated its 35th anniversary in 2015. Established in 1980, the company performs 4,500+ assignments each year for hotel and real estate owners, operators, and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of more than 40 offices and more than 350 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. HVS.com