HVS Monday Musings: Wellness Tourism will Flourish in the Post-COVID Era

By Mandeep S Lamba and Dipti Mohan
The Indian wellness tourism segment has high-growth potential as an increasing number of people are adopting a healthier lifestyle and seeking personalized travel experiences in the post-COVID era. Read on to know more.

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Oxley Holdings Partners with Pavilion to Develop Oxley Towers in Kuala Lumpur

Oxley Rising, the Malaysian arm of Singapore-based Oxley Holdings Limited (“Oxley”), is partnering with Pavilion Project Management, a member of Malaysia-based property developer, Pavilion Group (“Pavilion”), to develop Oxley Towers in Kuala Lumpur City Centre (“KLCC”) area. They are to develop a mixed-use development comprising of a hotel, residential, retail and office complex. Pavilion specialises in large-scale retail mixed-use developments in prime city locations of Malaysia and China, and will oversee the project management, construction, sales and marketing, and administration of Oxley Towers. Oxley Towers is a freehold property spanning a land area of approximately 12,554-square metre with a gross development value of about SGD1.1 billion. Located near Maxis Tower and KLCC, the project will consist of two hotel towers with residences, an office tower and a retail podium that links all three towers. Meanwhile, Oxley has a portfolio of 48 projects, of which 33 has been completed. Their overseas flagship projects include Royal Wharf – a waterfront township development in London; The Peak and The Bridge, two mixed-use developments in Phnom Penh, Cambodia; and Dublin Landings, one of the largest mixed-use development in business district of Dublin, Ireland.

Malacca to Introduce Seaplanes to Boost Tourism

Seaplanes will be introduced to Malacca’s tourism sector this year, with a total investment of approximately MYR500 million. State Tourism, Heritage and Culture Committee chairman, Datuk Muhammad Jailani Khamis, said that these planes could land or take off from water and are expected to be based at the Sungai Rambai Aerodome, Jasin. This concept will be developed in three phases: from bringing visitors down to the state’s beaches, to expanding to other states’ ports and finally, to neighbouring countries. The chairman has also told reporters at the two-day Tourism Melaka Futsal Challenge that further discussions will be held with the manufacturer and investors. Furthermore, he expects more tourism products to be introduced later this year to attract more tourists and encourage them to lengthen their stay in Malacca. This comes amidst the increase in tourist arrivals into Malacca last December, with ticket sales for various tourist attractions, including the Melaka Zoo and Melaka River Cruise, reporting better performances.

Dong Nai Authorities to Construct Routes Leading to Upcoming Long Thanh Airport in Ho Chi Minh City

Dong Nai authorities announced a VND6.8 trillion (USD294 million) plan to construct five new roads to link local districts to the upcoming Long Thanh International Airport, located east of Ho Chi Minh City. These routes aim to connect the Dinh Quan, Thong Nhat, Vinh Cuu and Trang Bom districts to Long Thanh. In addition to improving connectivity to the airport, these roads would also enable the transport of goods from industrial parks situated around Dong Nai to the Cai Mep – Thi Vai Port. The construction of the Long Thanh International Airport began on 5 January and will be developed in three phases. The project is estimated to cost VND337 billion (USD16 billion) and is expected to be the largest airport in Vietnam upon completion. Slated to be completed in 2040, Long Thanh International Airport would feature four runways, four-passenger terminals, and have the capacity of 100 million passengers and five million tonnes of cargo annually. The construction of the airport aims to alleviate the congestion faced in the Tan Son Nhat International Airport, which is situated at Ho Chi Minh City.

Korean Government to Fund Billions in Pandemic-Struck Industries

On January 2021, the Korean government announced a KRW298.5 billion fund (USD271 million), which seeks to cushion the impact of the coronavirus epidemic on firms in the cultural, sports and tourism sector. The fund comprises of KRW215 billion (USD195 million), focusing on four main pillars of the content industries: a venture capital investment fund; broadcast and over-the-top content, aid to affected productions; and content value assessment. The government has collaborated with private companies to set aside a KRW65 billion (USD59 million) fund and is expected to expand its range of companies eligible for receiving the grant, including various tourism start-ups and emerging firms. In order to support the speedy recovery of the tourism industry, the fund’s execution is forecasted to be within a month. An official from the Ministry of Culture, Sports and Tourism mentioned that the grant plans to revitalise industries that are struck hard by the pandemic and seek to encourage private sector investment into these firms. KRW18.5 billion (USD17 million) will be spent on the sports industry to discover and invest in promising sports-related firms.

Absolute Share Price Performance, as on 22 January 2021