China Overtakes New Zealand as Australia’s Largest Source Market for the First Time

For year ending February 2018, China has overtaken New Zealand as the largest source market for travellers to Australia for the first time ever. Over the course of twelve months, overall visitor numbers hit an all-time high at 8.9 million visitor arrivals, recording an increase of 6.6% relative to the previous year. Aided by the stream of airlines servicing tourism hubs such as Cairns and other east coast cities, some 1.39 million Chinese visited Australia during the same period, up 13.2% on the year prior and surpassing the 1.36 million visitors from neighbouring New Zealand. Record number of tourists also visited Australia from the United States (798,400) and India (309,400), each up 9.5% and 14.9%, respectively from the previous year. In the month of February, total visitor arrivals increased by 16.1% compared to 2017, giving a sneak peek into Australia’s anticipated robust tourism growth in 2018.

Ascott Partners with Leading Developers in China, Japan, and Thailand for Expansion

Singapore-based CapitaLand’s wholly owned serviced residence unit, The Ascott Limited (“Ascott”) is boosting its pipeline by partnering with leading developers in China, Japan, and Thailand to manage apartments currently under development as well as future projects. In China, Ascott has forged a partnership with specialty township developer, Riverside Group, to launch a total of 350 serviced residence units in Zhejiang and Chongqing plus future riverside themed towns in other key cities. In Japan, Ascott is working with NTT Urban Development Corporation to jointly explore opportunities in the country and are currently working on two projects in Fukuoka and Yokohama. In Thailand, Ananda Development has expanded into the serviced residence business through a strategic alliance with Ascott. Four properties, Somerset Rama 9 Bangkok, Ascott Embassy Sathorn Bangkok, Ascott Thonglor Bangkok, and one more property in Sukhumvit 8, are slated to open between 2020 and 2021 with close to 1,500 units in total. Scaling through investments, strategic alliances, management contracts, leases, and franchises, Ascott has a global target of 80,000 units in 2018 and is looking to double its portfolio to 160,000 units by 2023.

Six Senses’ First City Hotel, Six Senses Duxton Opens in Singapore

Thailand-based Six Senses Hotels Resorts Spas (“Six Senses”) has made its first foray into Singapore with its first-ever city hotel, Six Senses Duxton. Located in the historic Tanjong Pagar area, the hotel was originally a row of traditional shophouses but re-designed by Anouska Hempel to blend the shophouse aesthetic with the comfort of a hotel. Six Senses Duxton features 49 guestrooms and suites, including nine two-storey Duxton Duplex Suites and a 51-square-metre Montgomerie Suite, a modern Chinese restaurant, Yellow Pot and an antiquarian-themed lobby bar. A highlight at the hotel is the appointment of a Traditional Chinese Medicine (TCM) physician who will offer consultations and a dispensary for in-house guests. A Six Senses Spa will be included within the neighbouring 120-key Six Senses Maxwell, located a few-minute walk from its sister property, when it opens in September this year.

Dusit Launches New Brand Targeted at Millennials, ASAI

Thailand-based Dusit International (“Dusit”) has recently launched its new ASAI brand targeting millennial travellers with an emphasis on authentic local experiences. The brand’s first property is set to launch in Bangkok’s popular Chatuchak market in 2019 with a second Bangkok property planned for the Sathorn district. Each hotel will feature compact rooms with a large mixed-use public area incorporating efficient work space, leisure areas and a restaurant concept. The brand also has four international properties confirmed in the pipeline including three ASAI hotels in Cebu, Philippines and one hotel in Yangon, Myanmar. The brand hopes to secure 10 properties in the pipeline throughout Southeast Asia and Japan by the end of the year. Dusit’s other hotel brands which cover luxury and mid-market segments include Dusit Thani, Dusit Devarana, Dusit Princess, and dusitD2.

Clarification: With reference to the blurb titled ‘Singha Estate Announces Plans to Start a Real Estate Investment Trust’ in the preceding HVS Asia Pacific Newsletter (dated 6 April 2018), we would like to clarify that S Hotels and Resorts (SHR) will be restructured into a public corporation by 2019 and the Suntowers will be converted into a real estate investment trust (REIT) within 2020. The amended blurb has now been updated in the online version of the newsletter on our website. (CLICK HERE TO READ)
 

Absolute Share Price Performance, as on 20 April 2018