Datapulse Technology-PAM Holdings Consortium Acquires Bay Hotel Singapore for SGD235 Million

Singapore-based Datapulse Technology Limited (“Datapulse”) has, through its wholly-owned subsidiary, Datapulse Investment Private Limited (“DILP”), entered into a shareholder’ agreement (“SHA”)  with PAM Holdings I (BVI) Limited and PAM Holdings II (BVI) Limited wherein Datapulse and its capital partners will respectively hold 5% and 95% of the share capital of the consortium. Subsequent to the SHA, the wholly-owned subsidiaries of the consortium have entered into a sale and purchase agreement (“SPA”) with Fiesta Development Private Limited and Bay Hotel & Resort Private Limited for the purchase of the 314-key Bay Hotel Singapore for SGD235 million. The consideration payable is derived based on its market value of SGD238 million, based on an independent valuation by UK-based Knight Frank. Datapulse‘s share of the proposed investment is approximately SGD12.12 million. Located in the Harbourfront precinct in Singapore, the freehold property features a food and beverage outlet, swimming pool, rooftop bar and a fitness centre.

Korean Securities Firms Acquires Hilton Vienna Hotel for USD375 Million in Austria

Korea-based Hana Financial Investment Company Limited, NH Investment & Securities Company Limited and Meritz Securities Company Limited have jointly acquired 579-key Hilton Vienna hotel in Austria from an Austrian real estate investment company for USD375 million. The acquisition is expected to generate about an annual yield of 7%. The Korean consortium will invest USD170 million and have the remaining USD205 million financed through local financial institutions. The investment will be made through a fund created by Korea-based Mastern Investment Management, which will then be sold to other institutional investors. Located in the central business district and approximately 20 minutes’ drive from Vienna International Airport, the property is known as Austria’s largest meeting and conference hotel. Hilton Vienna features two dining outlets, a fitness centre, a spa, a gift shop and 17 flexible meeting rooms which can accommodate up to 840 people. The hotel plans to allocate USD75 million out of the new investment fund on revampment.

North Queensland Announces AUD4.5 Million for Tourism Projects

North Queensland has announced AUD4.5 million funding for four new tourism projects aimed at attracting visitors and creating jobs. Currently, the government is collaborating with Australia-based Mandingalbay Yidinji Aboriginal Corporation (“MYAC”) and Tourism Tropical North Queensland to capitalise on the strong demand for authentic cultural experiences. As part of the tourism initiative, AUD1.1 million has been set aside for MYAC for the introduction of new cultural and eco-tourism initiatives. In a bid to deliver marine tourism infrastructure, AUD560,000 has been set aside for the partnership with Sunlover Reef Cruises (“Sunlover”). According to Sunlover’s General Manager, Sharon Sheldrake, the funding would support a number of projects in North Queensland including the construction of an extended pontoon at the outer reef location of Arlington Reef off Cairns and a purpose built semi-submersible vessel that provides non-swimmers the opportunity for a reef experience. In addition, AUD600,000 has been allocated for the Yarrabah Aboriginal Shire Council (“YASC”) to redevelop their arts and cultural precinct, while AUD2.3 million has been set aside for the partnership with the Ewamian Aboriginal Corporation (“EAC”) to build new tourism infrastructure and reopen the Talaroo historic hot springs near Georgetown. The projects are expected to see completion in 2020.

Indonesia Announces Plan to Construct Sea Bridge Linking Bintan and Batam

Indonesia has announced plans to build a seven-kilometre sea bridge connecting Bintan to Batam starting next year. Estimated with a development cost of approximately IDR4 trillion (USD284 million), the construction is expected to take three to four years to complete. As part of President Joko Widodo’s USD400 billion infrastructure push for the nation, the sea bridge is expected to boost growth and trade with Singapore as well as reduce logistics costs, improve connectivity and boost tourism in the area. Indonesia government has also announced their intention to reposition Batam as an alternative shipping and manufacturing hub to Singapore, with the potential to attract USD60 billion in new investment. The construction of the longest sea bridge in Indonesia will complement Singapore’s effort to increase air-passenger traffic by building a fifth terminal for its Changi Airport.

Vietjet to Launch Two New Direct Routes to Japan

Vietnam-based international low-cost airline Vietjet Air (“Vietjet”) has announced the launch of two new routes to Japan – Ho Chi Minh City to Tokyo (Narita) and Da Nang to Tokyo (Haneda). The new Ho Chi Minh City - Tokyo (Narita) route will operate daily return flights with a duration of around six hours, starting from 12 July 2019. The Da Nang - Tokyo (Haneda) route will operate daily return flights with a duration of approximately five and a half hours, commencing on 26 October 2019. Nguyen Thi Thuy Binh, Vice President of Vietjet, mentioned that the rapid expansion of Vietjet's flight network to Japan will offer more options for travellers from both countries. Vietjet currently operates three direct routes connecting Vietnam and Japan, including Ho Chi Minh City and Hanoi to Osaka, and Hanoi with Tokyo (Narita).

Absolute Share Price Performance, as on 12 July 2019