The COVID-19 pandemic has accelerated the technology and virtual reality scene in every industry, including travel and tourism. With border restrictions in place, many are not able to travel. Hence, tour companies have introduced online travel experiences to showcase a destination, culture, event, various classes and many more. In anticipation of our In Focus: Singapore publication this year, we encourage you to fill in the Virtual Tour Experience Survey, click here.
Singapore-based Gallant Venture Limited (“Gallant Venture”) announced its proposal to acquire 66.25% of shares in the Singapore-Bintan Resort Holdings (“SBRH”), with a total consideration of SGD4.94 million from Keppel Land Limited, Overseas-Chinese Banking Corporation, DBS Bank, UOL Equity Investment and Tropical Resorts Limited. Gallant Venture has valued SBRH at approximately SGD7.5 million, with consideration to its net tangible liabilities, SGD20 million shareholders loans, the related accrued interest and waiver of default interest, as well as the consolidation of the resort’s share of the net tangible asset value of PT Bintan Resort Cakrawala (“PT BRC”). As of 25 January, Gallant Venture mentioned that the selling shareholders have indicated the acceptance company’s acquisition proposal. SBRH is a single-asset investment holding company, whose only asset are shares representing 13.23% of the PT BRC. Gallant Venture’s board mentioned that it believes this acquisition would enable the company to have full control over PT BRC, which allows Gallant to explore various strategic options. The group also aims to enhance the resort’s future value once the tourism industry recovers from the coronavirus pandemic. Currently, PT BRC is the operational arm of Bintan Resorts International, which master plans and manages Bintan Resorts.
The Maldives Government has signed an agreement to establish the first phase of Integrated National Public Ferry Network with Maldives Transport and Contracting Company (“MTCC”) on 17 January 2021. The President’s Office mentioned that the ferry network classifies six central regions and would provide two separate networks for passenger transit and cargo, linking maritime transport with land and air transport. The ferry services will commence at 41 islands in Haa Alif, Haa Dhaalu and Shaviyani Atolls before the end of September 2021. Ferry services will be made available daily via 14 speedboats and three backup speedboats, with a capacity of 40 to 50 passengers each. Through allowing more efficient, affordable, convenient, and sustainable passenger and cargo ferry services, the project aims to facilitate inclusive regional development, accelerate social and economic growth, improve efficiency in the delivery of public services and improve accessibility for Maldivian citizens.
The Sebel Pelican Waters Resort (“Pelican Waters”) was sold to Russell Leary for an undisclosed amount after three failed attempts to purchase in the past ten years. The resort is located seven kilometres south of Calundra Central Business District and comprises of an integrated hotel and residential strata-titled development. Situated on a 1.438-hectare site, the resort features 102 hotel rooms (48 dual keys and 6 single keys), and 62 residential apartments and penthouses on levels five to twelve. Other facilities include a 220-seat The Grill Restaurant, a conference centre, commercial gymnasium and a day spa. While Mr. Leary secured management rights to the resort, Australia-based hospitality operators, Ash and Liz Perks, will take over the latter facilities as part of a high-quality partnership. Mr. Leary is positive about the resort’s future in the next two years, with the borders opening up and the expectation of increased demand in the area. Meanwhile, Pelican Waters’ management rights package will have 16 years remaining upon settlement of sale.