| Renaissance Hotel Kuala Lumpur To Undergo US$16.7 Million Renovation | Return to Headlines |
| Hong Kong's New World Development Company Limited and IGB Corporation Berhad's Renaissance Hotel Kuala Lumpur is expected to undergo a US$16.7 million renovation plan lasting from 2008 to 2011. The hotel, which comprises two towers, will be carrying out the renovation in two phases - the first phrase involving the 510-room East Wing which is scheduled to begin in the second quarter of 2008 and the second phase involving the 400-room West Wing which is expected to begin in 2010 and completed by 2011. The Renaissance Hotel Kuala Lumpur's average occupancy rate in 2007 is expected to close at 76% and average room rate is expected to grow by nine percent from US$65 in 2006 to US$71 in 2007. | |
| City Developments Limited And Sudhir Gupta Of Amtel Group In US$125 Million Joint Venture | Return to Headlines |
| Singapore's City Developments Limited (CDL) is expanding into Russia beginning with the announcement of its US$125 million joint venture with Golden Orchid Hotels Private Limited, a company linked to Dr Sudhir Gupta of Amtel Group of Companies. Under a signed agreement, the 50:50 joint venture is expected to hold Russian company, Soft Proekt, which owns the Iris Congress Hotel in Moscow, along Korovinskoye Chaussee, about 15 kilometres north of the Moscow city centre. The eight-storey Iris Congress Hotel which has more than 200 rooms and facilities, including 13 conference rooms, is expected to be repositioned as a Copthorne hotel and managed by the Millennium & Copthorne Hotels. Additionally, the joint venture plans to develop a mixed-use complex on a vacant site adjacent to the Iris Congres Hotel which is likely to include conference and business facilities, food and beverage outlets and a carpark. | |
| Australia's Mirvac Group Sells Properties At Gold Coast's Hope Island Resort For US$47.8 Million | Return to Headlines |
| Australia's Mirvac Group has sold two development sites, Hope Island Resort golf course and golf club, the resort marina and Boardwalk Tavern, at the Gold Coast's Hope Island Resort for US$47.8 million to a private consortium involved in the New South Wales development at Casuarina Beach. This sale is aimed at divesting Mirvac Group's non-core business and assets and comes after the group's acquisition of Hope Island Resort as part of a major property portfolio purchase in 2006 from Walker Corporation. Mirvac Group would however retain two prime residential development sites within Hope Island Resort, including a medium density waterfront site near the Boardwalk Tavern and another site overlooking the golf course near The Links residential precinct. | |
| China's Xinjiang To Establish World’s Largest National Park | Return to Headlines |
| Northwest China's Xinjiang Uygur Autonomous Region plans to build the world's largest national park by integrating all neighbouring tourist resorts scattered around it. Under a new tourism development plan, the 1,000-square-kilometre Kanas Geological Park will be expanded to about ten times larger after incorporating the nearby tourist regions and grassland including the Tiere Keti town of Kaba County and the Hom Kanas town of Burqin County. Kanas geological park, located approximately 1,000 kilometres north of Urumqi, capital of Xinjiang Uygur Autonomous Region, is expected to replace America's Yellowstone National Park to become the world's largest upon implementation. The authorities have already invested US$1 million into the masterplan, which also maps out environmental protection strategies, including the relocation of the polluting restaurants and inns to a new zone outside the park. | |
| Chinese Tycoon Buys 'Shanghai' In Dubai's World Development | Return to Headlines |
| Chinese businessman and director of Shanghai Zhongzhou International Holding Group, Hu Bin, has confirmed his purchase of a 40,000-square-metre reclaimed land in part of 'The World' development in Dubai for US$28 million. The 'Shanghai Island' of the development, which comprises 300 islands made from reclaimed land in the shape of the world map, was acquired and the businessman has plans to invest another US$160 million to US$200 million by 2010 to build a tourist resort comprising hotels and villas. The island resort will also include canals and buildings resembling Shanghai's landmark areas like the Huangpu River, the Bund and the Lujiazui financial district. This acquisition comes in light of increasing interest of Chinese entrepreneurs in foreign property investments. In May 2007, another businessman from central China's Henan Province acquired an airport in north Germany for US$133 million. | |
| Seoul City Authorities Plan To Expand Existing Casinos | Return to Headlines |
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In bid to keep up with regional tourism competition mainly from Singapore, Hong Kong and Macau, Seoul's city government has unveiled its plans to expand three 'foreigners-only' casinos in the nation's capital. With the aim of attracting 12 million visitors a year by 2010, the city administration will apply to the Ministry of Culture and Tourism for permission to extend the casinos currently located in the Sheraton Walkerhill Grande Hotel, Millennium Seoul Hilton Hotel and Oakwood Premier Coex Centre. The Korean central government is empowered to license and control casinos, and allows the opening of a new casino only when there is an increase of 600,000 foreign visitors per year. Thus to circumvent this strict regulation, the city authorities are seeking to move the existing casinos to alternative locations and enlarge them. |
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| Absolute Share Price Performance, as at 19 October 2007 |
