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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 31 October 2008
Singapore’s Resorts World At Sentosa And Marina Bay Integrated Resort Likely To Be Delayed
Frasers Hospitality Launches Fraser Suites Top Glory In Shanghai, China
The Philippines’ SM Group Strengthens Hotel Business
First W Hotel In China Opens In Hong Kong
Oakwood Premier Prestige Bangalore Opens In India
New Waterfront Resort Launched In Northern Tasmania
Absolute Share Price Performance, As At 31 October 2008
Singapore’s Resorts World At Sentosa And Marina Bay Integrated Resort Likely To Be Delayed Return to Headlines
The US$4.1 billion Resorts World at Sentosa is scheduled to open four hotels, Universal Studios and the casino of the Sentosa integrated resort (IR) in the first quarter of 2010. According to market sources, Resorts World at Sentosa is currently negotiating with the Singapore government to defer the opening of the remaining facilities in the resort due to the need to allocate storage space for the theme park equipment. Similarly, the US$4.5 billion IR at Marina Bay is unlikely to open by the end of 2009 due to delay in the foundation works, shortage of labour and rising construction costs. Upon awarding the two projects in 2006, both companies are expected to commence construction by 2009 and complete the projects by 2014. Otherwise, the companies will forfeit their deposits of approximately US$135 million each and the land may be repossessed as a penalty.
Frasers Hospitality Launches Fraser Suites Top Glory In Shanghai, China Return to Headlines
Frasers Hospitality Private Limited, the hospitality arm of Frasers Centrepoint Limited, has announced the opening of the 317-room, five-tower Fraser Suites Top Glory in Lujiazui, Shanghai, China. Owned by the China conglomerate, COFCO, the serviced residence offers two-bedroom to four-bedroom apartments and penthouses, a business centre, outdoor and indoor heated swimming pools, a spa, a fitness club, tennis courts, a library, a games room, a children’s playground and other amenities. Despite the global economic uncertainty, Frasers Hospitality CEO, Choe Peng Sum, remains positive about the serviced residence industry, as companies seek more flexible accommodation packages for their staff.
The Philippines’ SM Group Strengthens Hotel Business Return to Headlines
The Philippines’ SM Group has established a new subsidiary, SM Hotels Corporation, to oversee the development of its hotel projects in Metro Manila and may get similar firms to carry out its hotel expansion plans in other key cities. Hotel Specialist (Manila), Inc, the operating arm of SM Group’s hotel development unit in Manila, was newly set up to operate the group’s clubhouses, restaurants, refreshment parlours and entertainment outlets. In addition, Hotel Specialist is developing two hotels near the SM Mall of Asia complex in Pasay City. The two hotels are expected to open in 2010 and be managed by Carlson Hotels Worldwide – Asia Pacific.
First W Hotel In China Opens In Hong Kong Return to Headlines
W Hotels makes its entry into China with the opening of the 393-key W Hong Kong. Located in the new commercial and entertainment hub of West Kowloon District, the opening marks the entry of the first signature W’s Bliss Spa in Asia. In addition, the hotel also features two signature restaurants, a swimming pool, a fitness facility located on the 73rd storey, 7,618 square metres of meeting facilities and the W lounge. The hotel is owned by Hong Kong’s Sun Hung Kai Properties and forms the centrepiece of the 92-storey Cullinan complex.
Oakwood Premier Prestige Bangalore Opens In India Return to Headlines
The 177-key Oakwood Premier Prestige Bangalore has opened in UB City, the largest commercial property project in Bangalore, India. Offering apartments ranging from studio to three-bedroom units, the property also features a restaurant, a health club and spa and a rooftop swimming pool among its facilities. With convenient access to the city centre and in close proximity to tourist attractions such as Cubbon Park and Lal Bagh Museum, as well as shopping areas such as MG Road and Brigade Road, the property is well-positioned to cater to both the corporate and leisure travellers. Oakwood Worldwide has plans to add ten properties in India by 2010 in Mumbai and Pune, and other future plans include properties in Chennai, Hyderabad, Kerala and New Delhi.
New Waterfront Resort Launched In Northern Tasmania Return to Headlines
The Stella Hospitality Group, a branded hotel operator in Australia, has launched the Peppers York Cove Tamar Valley in northern Tasmania, Australia. The waterfront resort, located at the mouth of the picturesque Tamar River, features rooms and apartments with en-suite bathrooms, spas and designer kitchens. In addition, the resort also offers a heated pool and spa, a gymnasium, a restaurant and bar, a marina with berthing facilities and meeting facilities with a capacity of 55 persons.
Absolute Share Price Performance, as at 31 October 2008
Closing Share Price as at October 31 2008 October 24 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.20 4.20
General Property Group 0.75 1.15 -35%
Mirvac Group 0.99 1.64 -40%
Ocean Capital Limited 0.35 0.40 -13%
Thakral Holdings Group 0.53 0.64 -17%
Living and Leisure Australia Group 0.02 0.02 -13%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 3.80 3.98 -5%
Dusit Thani Public Co Ltd 17.00 18.90 -10%
The Erawan Group Public Limited 2.00 1.90 5%
Grande Asset Development 2.30 2.00 15%
Laguna Resorts & Hotel Public Co Ltd 24.20 24.00 1%
Minor International PCL 7.55 7.60 -1%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 4.80 5.06 -5%
Regal Hotels International Holdings Ltd 1.44 1.62 -11%
Sino Hotels Holdings Ltd 3.10 3.20 -3%
The Hong Kong & Shanghai Hotels Ltd 7.21 6.12 18%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.19 0.17 12%
ART Management Pte Ltd 0.47 0.47 1%
Banyan Tree Holdings Limited 0.50 0.53 -6%
CDL HTrust 0.66 0.64 3%
Hotel Grand Central Ltd 0.48 0.48
Hotel Plaza Ltd 1.31 1.23 7%
Hotel Properties Ltd 0.95 0.94 1%
Mandarin Oriental International Ltd (US$) 1.28 1.10 16%
Shangri-La Asia Ltd 10.50 8.00 31%
Stamford Land 0.25 0.22 14%
Return to Headlines
HVS Beijing
David Ling
HVS Hong Kong
Mark Keith & David Ling
HVS Mumbai
Manav Thadani
HVS New Delhi
Manav Thadani
HVS Shanghai
David Ling
HVS Singapore
David Ling
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.
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