| Vietnam 2006 Foreign Visitor Numbers Below Government Expectations | Return to Headlines |
|
Vietnam received around 3.6 million foreign visitors in 2006, up 3.0% from 2005, but below the government's expectations, the General Statistics Office (GSO). 'The number of foreign arrivals in Vietnam in 2006 did not meet the set target of 3.8 million, mostly because of a 28% decrease in the number of Chinese tourists,' said Pham Quang Hung, an official at the Vietnam Tourism Administration. Meanwhile, the number of foreigners entering Vietnam on business purposes increased by 16.2% in 2006, part of the increase is attributed to the hosting of the 21-nation Asia-Pacific Economic Cooperation forum (APEC). After China, the biggest number of foreign visitors to Vietnam came from South Korea followed by the United States and Japan. Vietnam is aiming to boost foreign visitor numbers to about six million by 2010. |
|
| Indonesia To Build Tsunami Escape Buildings In Coastal Resorts | Return to Headlines |
|
Indonesia is planning to construct tsunami proof buildings in several coastal resort areas, a senior official said. "The buildings will be built on beaches which can be used to evacuate tourists and locals in the event of tsunami," Antara news agency quoted Culture and Tourism Minister Jero Wacik as saying on the sidelines of a tsunami evacuation drill in Bali resort island. "Each building will have the capacity to accommodate 400 to 500 people." The buildings will be constructed in Bali first then in Pangandaran Beach, West Java and later in West Sumatra. A pilot project will be built in Nusa Dua area where Bali Tourism Development Company has provided a 500-square-metre plot of land. The building is expected to be completed in 2007. |
|
| Mandarin Oriental Sells Share Of New York Property | Return to Headlines |
|
Luxury hotel group Mandarin Oriental International is selling half of its 50% stake in the chain's New York hotel, an establishment valued at US$340 million. Apollo Real Estate and Related Companies, is letting go of an even larger chunk. Both are selling to Istithmar Columbus Centre Holding Company. With Mandarin's 25% stake and Apollo's 48%, the Dubai World subsidiary will end up with 73% equity in the 248-room establishment, opened just three years ago in midtown Manhattan. The transactions are expected to complete in February 2007 and will yield, for Mandarin Oriental, after-tax proceeds of US$29 million. Mandarin Oriental currently operates 21 luxury hotels with another 11 under development. |
|
| Government Land Sales Plan Increases Supply Of Office Space | Return to Headlines |
| The Singapore government announced its land sales program for the first-half of 2007, signalling what is interpreted by analysts as an attempt to ease the shortage of office space, and build up Singapore's stock of hotel rooms. There was, however, little indication that it would do much to cool the property fever in the high-end residential sector. The announcement was widely welcomed by developers who had been worried that more confirmed sites for the residential market could dampen the current luxury housing boom. On offer for 2007 are 32 sites on the reserve list and seven on the confirmed list. The most choice of the new sites being offered by the Ministry of National Development (MND) is a one-hectare plot near Marina Bay. It can generate up to 1.1 million square feet of commercial gross floor area, which is expected to help alleviate the office shortage. The slate of 32 reserve and seven confirmed sites for 2007 can potentially generate about 5,475 private homes, 5.3 million square feet of commercial gross floor area and 5,285 hotel rooms. | |
| The Westin Langkawi Resort & Spa Opens In December 2006 | Return to Headlines |
| Westin Hotels & Resorts has announced the official opening of its first resort in Malaysia. Formerly the Sheraton Perdana Resort, The Westin Langkawi Resort & Spa opened in December 2006 following a comprehensive renovation. Set on a private stretch of beachfront, this resort is located just 20 minutes from the Langkawi International Airport, and features 202 refurbished guestrooms and suites, and 20 new pool villas. The Westin Langkawi Resort & Spa joins the Sheraton Langkawi Beach Resort as the second Starwood property in the Malaysian island destination. | |
| Mirvac And BOS International Acquire Four Carlton Hotels | Return to Headlines |
| Mirvac and BOS International (BOSI) have acquired the Carlton Hotel's portfolio of four hotels in Brisbane, Sydney, Parramatta and Melbourne. The US$257 million acquisition will be funded with equity investments of from Mirvac Property Trust and BOSI, with BOSI also providing a bridging finance facility. The Carlton Hotel portfolio, together with some of the hotel assets from the Mirvac Property Trusts investment portfolio, will form the basis of the new Mirvac Hotel Wholesale Fund. The fund, with Mirvac Funds Management as its responsible entity, will invest in hotel assets in Australia and New Zealand providing investors the opportunity to buy into in an integrated property vehicle with in-house hotel management expertise. The fund is expected to be launched in March 2007. | |
| Absolute Share Price Performance, as at 29 December 2006 |
