Singapore-based Tayrona Capital Private Limited (“Tayrona”) has signed an agreement to obtain a majority stake in the Harbour City integrated development project in Malacca from Malaysia-based real estate developer, Hatten Land Limited (“Hatten Land”) as part of a MYR1.36 billion (USD323 million) deal. Tayrona plans to subscribe 99 million new shares, equivalent to 99% stake in Gold Mart Sdn Bhd, Hatten Land's wholly owned subsidiary that holds Harbour City, for a total of MYR99 million (USD23.6 million). Hatten Land has proposed to assign its intellectual property (“IP”) rights to Tayrona for USD60 million. The rights include project design and concept, domain names, Internet site and marketing materials. Hatten Land was the concept originator and project developer of Harbour City, a marine-themed mixed-use development featuring a mall, a 4,646 square-metre water theme park and a luxury hotel. In addition, Tayrona will separately pay USD240 million to Wealth Express Holdings Group (“WEH”), to improve and complete the development and marketing of Harbour City. The acquisition and completion of the Harbour City will be an addition to Tayrona’s Sagana Hotels & Resorts network of 32 hotels and resorts internationally, as well as Ultra Luxury Integrated Destinations collection which has operations and developments in 22 countries.
The People’s Committee of Kiên Giang, Vietnam, has approved a project to build a new central square in the island district of Phú Quốc. The square would cover an area of 8.29 hectares with a capacity of 20,000 people in Đông Dương Town's downtown. An 18-metre high statue of President Hồ Chí Minh will be installed in the center of the square. In the middle of the site, a space for ritual ceremonies, celebrations and art performances will available. Aside, the square will have a service area and an entertainment zone for the visitors. The project will cost a total investment of VND353 billion (USD15.2 million) and construction is expected to begin 2021. According to Huỳnh Quang Hưng, vice chairman of the People's Committee of Phú Quốc District, the project serves as an important role in the development of Phú Quốc Island as the Government has given approval for Phú Quốc to be a national tourism centre.
Developed by Korean-based Korean Inno International Development Company, Inno City is a mixed-use project located in Yangon’s South Okkalapa township with an expected completion date in December 2020. The project will include five-star serviced apartments, a hotel, a shopping centre, and a bus terminal. Some of the facilities will be opened in February 2021 after the company has received the Building Completion Certificate. Construction operations are complete, with approximately 50% of the interior and exterior decorations left before completion. Estimated 650 units out of 744 units have already been sold, with the apartments fetching approximately USD28 per square-metre. Investors and residents are mainly from Singapore, Japan, South Korea, and Myanmar. Situated in the heart of Inno City, the convention centre will be designed to host up to 2,000 people, targeting to be a venue for corporate and private events, weddings, and celebrations. The housing project also includes a library, indoor and outdoor playgrounds, a swimming pool, fitness centres and resorts.
Philippine Statistics Authority (“PSA”) revealed that tourism investment from both private and public sectors in Philippines reached PHP663.2 billion in 2019. Based on the data presented by PSA Assistant National Statistician Service, Vivian Ilarina, the tourism gross fixed capital formation (“GFCF”), or the investments made by the private sector, amounted to PHP569.1 billion in 2019, higher than the PHP549.5 billion estimates in 2018 by 3.6%. The tourism GFCF covers fixed assets such as cruise ships, sightseeing buses, hotel facilities, convention centers and non-tourism-specific fixed assets, including the computer system of a hotel or travel agency, hotel laundry facilities, among others. The government expenditure on tourism reached PHP94.1 billion in 2019 as compared to PHP76.2 billion in 2018, recording a 23.5% increase. These spending include regulation on receiving and serving of visitors, development of tourism policies and tourism promotion, and provision of support to specific tourism-oriented investments. The tourism receipts from both domestic and inbound travellers in 2019 also increased to PHP3.7 trillion, up by 12.1% from the PHP3.3 trillion generated in 2018. Domestic tourism expenditure climbed to PHP3.1 trillion from PHP2.8 trillion in 2018 while the foreign visitor spending rose to PHP548.8 billion from PHP445.6 billion.