|Featured in this Asia Pacific Hospitality Newsletter - Week Ending 21 September 2007|
|The Wharf (Holdings) Limited Purchases Prime Site In Chengdu, China For US$966 Million||Return to Headlines|
|The Wharf (Holdings) Limited has announced its successful bid for a prime mixed-use development site at Chengdu, Sichuan province, for approximately US$966 million, outbidding Hang Lung Properties Limited, Sino Land Company Limited and China Resources (Holding) Company Limited. The land price is a record high in Chengdu, translating to approximately US$2,200 per square metre, double of current office building selling prices of approximately US$1,070 per square metre. Covering a site area of 53,850 square metres and located at Hongxing Road, at the intersection of Chengdu Metro Line Two and Three, the development is expected to comprise Grade A offices, a five-star hotel and a high-end retail complex.|
|Galaxy Entertainment Group To Develop US$3 Billion Galaxy World Resort On Cotai Strip, Macau||Return to Headlines|
|Galaxy Entertainment Group Limited has announced its plans to develop the US$3 billion Galaxy World Resort, consisting of 12 casino hotels and serviced apartment blocks totalling 8,500 rooms on Cotai Strip, Macau. With a total land area of approximately 437,000 square metres, the Galaxy World Resort is located next to Las Vegas Sands Corporation's The Venetian Resort-Hotel-Casino, and as expected to offer approximately 130,000 square metres of retail space, 69,700 square metres of meeting and convention space and 65,000 square metres of gaming space upon full completion. The first of four phases of the project is expected to open between 2008 and 2009 at an initial budget of US$1.1 billion and will offer three hotels with 2,500 rooms, 420 gaming tables and 1,200 slot machines.|
|India's Shriram Properties Limited Partners With Walton Street Capital And Starwood Capital Group To Develop US$1.25 Billion Integrated Township In Kolkata, India||Return to Headlines|
|India's Shriram Properties Limited has partnered with Walton Street Capital and Starwood Capital Group to develop a US$1.25 billion integrated township development in Uttarpara, Kolkata, India. The development, to be funded by Walton Street Capital and Starwood Capital Group and expected to include residential, retail and office developments as well as civic infrastructure, covers a total area of 1.86 million square metres. The partners are committed to play active strategic roles in the implementation of the project. According to the Managing Director of Starwood Capital India Advisors, Balaji Rao, the group is focusing on increasing its presence in India's real estate and the hospitality sectors, across asset classes and geographical regions.|
|US$200 Million Five-Star Hotel To Be Developed In Fort Bonifacio||Return to Headlines|
|According to the Bases Conversion and Development Authority (BCDA), a new 1.5 hectare, 600-room five-star hotel will soon be developed by a foreign hotel developer with an investment of between US$150 million and US$200 million in Bonifacio Global City in Taguig, near Manila in the Philippines. An "in principle" agreement between the landlord, Fort Bonifacio Development Corporation (FBDC), a joint venture between BCDA and a consortium led by Ayala Land Inc and the Campos Group, and the foreign hotel developer had been worked out. Construction of the hotel near the city centre is expected to commence in 2008. Developments in the Bonifacio Global City have received considerable interest with a memorandum of understanding signed between BCDA and Shanghai-based Shimao Property Holdings Limited in March 2007 to invest US$2 billion to US$4 billion in hotel and entertainment developments, as well as in office, residential and commercial mixed-use developments.|
|Australia's MFS To Sell Sydney's Park Hyatt Hotel||Return to Headlines|
|Australian property and tourism investor, MFS Limited (MFS), has announced its intention to put the 158-room Park Hyatt Hotel in Sydney on the market for sale. With the property currently owned by PH Sydney Hotel Trust (PH Sydney Trust), which is being managed in turn by MFS's financial services subsidiary, McLaughlins Financial Services Ltd, MFS is expected to seek approval for the sale at PH Sydney Trust's annual general meeting in late October 2007. The Park Hyatt Sydney, which is located on the edge of Sydney Harbour in the Rocks, has further development opportunity through an existing development approval for the addition of apartment-style accommodation or further accommodation suites. According to MFS Tourism division's Chief Executive, Rolf Krecklenberg, there have been several offers from national and international investors of more than US$147 million and it is timely to divest the property for a good price.|
|Investment Opportunities In Asia||Return to Headlines|
HVS is pleased to offer several hotel properties and resort investment opportunities in Asia.
For more information, please contact Basil Chan at firstname.lastname@example.org or +65 6293 4415 Ext 14.
|Absolute Share Price Performance, as at 21 September 2007|