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Featured
in this Asia Pacific Hospitality Newsletter - Week Ending 17
October 2008 |
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The Philippines’ Bagong Nayong Pilipino Entertainment
City To Begin Construction In Early 2009 |
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to Headlines |
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Construction
for the Bagong Nayong Pilipino Entertainment City (Bagong Nayong)
located in Manila, the Philippines, is expected to begin in
early 2009 on a 1.5-million-square-metre reclaimed land. Governed
by the country’s gambling regulator, Philippine Amusement
and Gaming Corporation (PAGCOR), Bagong Nayong is expected to
feature several casinos. Currently, three private investors
are attracted to invest in Bagong Nayong and have put up non-refundable
deposits of US$100 million each. These include a joint venture
between Malaysia’s Genting International and a local property
firm to develop a US$1 billion theme park on a 400,000-square-metre
site; Japan’s Aruze Corporation which plans to build a
2,000-room hotel-casino, Okada Resort Manila Bay, on a 300,000-square-metre
site which will include an oceanarium and a ferris wheel; and
the Philippines’ SM Investments which has a 300,000-square-metre
site. These three projects are expected to open partially by
the end of 2010. |
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Marriott
International has announced the opening of the 800th Courtyard
by Marriott hotel, Courtyard Shanghai Xujiahui, in Shanghai,
China by December 2008. Owned by Tibet Hotel Company, the hotel
features 364 guestrooms, including 61 executive floor rooms,
18 suites and a Chairman Suite, an indoor pool, a 200-square-metre
fitness centre, the signature MoMo café and two Chinese
restaurants. |
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According
to Hong Kong Special Administrative Region (HKSAR) Chief Executive,
Donald Tsang, Hong Kong is expected to sign a mutual visa-free
access agreement with Russia to boost trade and tourism development
between the two countries. In addition, HKSAR is expected to
conclude an agreement with Macau Special Administrative Region
to streamline clearance for residents travelling between Hong
Kong and Macau with measures likely to take place in mid-2009.
Travelling between HKSAR and Taiwan is also expected to become
more convenient with the abolishment of the restriction which
limits one person to two iPermit applications within each 30-day
period. The limit of stay in Hong Kong is also extended from
14 days to 30 days for holders of iPermits and multiple-entry
permits. |
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According
to industry players, the current financial environment is expected
to delay the opening of approximately 90,000 rooms in Asia Pacific
due to the credit crunch and rising costs. This figure forms
approximately 18% of the 500,000 new rooms planned by the world’s
five largest hotel chains. Mainland China is expected to account
for 40% of this new inventory in the region. In terms of performance,
revenue growth is likely to slow down to single digits from
18% in 2007. In the first eight months of 2008, hotels in Asia
Pacific registered an 11.6% growth in revenue per available
room (RevPAR) while countries such as Japan, Thailand and Indonesia
recorded growth of between 10% and 15%. The region is expected
to witness a sharp decline in RevPAR growth in the fourth quarter
of 2008. |
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According
to the Statistics and Census Service (DSEC) in Macau, the average
occupancy of hotels declined by 7.1 percentage points to 76.7%
in August 2008, with the five-star hotels recording 80.7%. The
total supply of rooms grew by 5.1% to 16,577 rooms in August
2008 as compared to August 2007. In the first eight months of
2008, the total number of accommodated arrivals registered approximately
4.32 million, reflecting an increase of 17.6% over the same
period in 2007. The number of accommodated arrivals made up
43.2% of total visitor arrivals during this period as compared
to 42.7% during the corresponding period in 2007. |
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Malaysia Accommodated 10.31 Million International Visitors In
First Six Months Of 2008 |
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to Headlines |
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According
to an official national occupancy rate study, there were a total
of 10.31 million accommodated international visitors and 17.96
million accommodated domestic visitors in Malaysia in the first
six months of 2008. Kuala Lumpur recorded the highest accommodated
international visitors at 2.74 million, followed by Pahang,
Perak, Penang and Johor. In terms of accommodated domestic visitors,
Pahang registered the highest volume at 4.18 million visitors,
followed by Kuala Lumpur, Perak, Johor and Sarawak. It was noted
that 60% of the total visitors stayed over at ecotourism destinations
such as Genting Highlands in Pahang. |
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Absolute
Share Price Performance, as at 17 October 2008 |
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Closing Share Price as at |
October
17 2008 |
October
10 2008 |
%
Change |
Australia
Stock Exchange (ASX) |
Amalgamated
Holdings |
4.25 |
4.37 |
-3% |
General
Property Group |
1.09 |
1.19 |
-8% |
Mirvac
Group |
2.06 |
2.03 |
1% |
Ocean
Capital Limited |
0.35 |
0.35 |
– |
Thakral
Holdings Group |
0.72 |
0.74 |
-3% |
Living
and Leisure Australia Group |
0.03 |
0.03 |
– |
Bangkok
Stock Exchange (THB) |
Central
Plaza Hotel Public Co Ltd |
4.14 |
3.96 |
5% |
Dusit
Thani Public Co Ltd |
20.00 |
22.00 |
-9% |
The
Erawan Group Public Limited |
2.12 |
2.26 |
-6% |
Grande
Asset Development |
2.20 |
3.20 |
-31% |
Laguna
Resorts & Hotel Public Co Ltd |
23.60 |
23.00 |
3% |
Minor
International PCL |
7.45 |
6.95 |
7% |
Hong
Kong Stock Exchange (HK$) |
Miramar
Hotel International Ltd |
6.65 |
7.40 |
-10% |
Regal
Hotels International Holdings Ltd |
0.18 |
0.16 |
10% |
Sino
Hotels Holdings Ltd |
3.20 |
3.54 |
-10% |
The
Hong Kong & Shanghai Hotels Ltd |
6.55 |
6.10 |
7% |
Singapore
Stock Exchange (S$) |
Amara
Holdings Ltd |
0.19 |
0.22 |
-14% |
ART
Management Pte Ltd |
0.44 |
0.53 |
-17% |
Banyan
Tree Holdings Limited |
0.58 |
0.62 |
-6% |
CDL
HTrust |
0.70 |
0.66 |
5% |
Hotel
Grand Central Ltd |
0.50 |
0.58 |
-14% |
Hotel
Plaza Ltd |
1.22 |
1.15 |
6% |
Hotel
Properties Ltd |
1.02 |
1.05 |
-3% |
Mandarin
Oriental International Ltd (US$) |
1.00 |
1.20 |
-17% |
Shangri-La
Asia Ltd |
8.00 |
8.48 |
-6% |
Stamford
Land |
0.28 |
0.28 |
– |
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Disclaimer:
Information provided above has been gathered from various market sources.
HVS has not independently verified the accuracy of the
information provided. Interested parties should not rely on the information
as statement of facts and are advised to make their own independent
checks to verify the information provided. For further information,
please feel free to contact HVS
Singapore. |