TA Global’s Subsidiary Acquires Four Points by Sheraton Bangkok in Thailand for RM299.9 Million

Thailand-based Siam Resorts Company Limited, the subsidiary of Malaysia-based TA Global Berhad (“TA Global”), has entered into a sale and purchase agreement with Thailand-based Destination Resorts Company Limited to acquire the 268-key Four Points by Sheraton Bangkok for RM299.92 million (THB2.24 billion). According to Bursa Malaysia, the proposed acquisition will be funded by 40% internally generated funds and 60% external borrowings. Opened in 2010, the hotel is strategically located in the heart of Bangkok’s Sukhumvit area with easy access to BTS Skytrain station, Sukhumvit Metro Station, Platinum Fashion Mall and CentralWorld. The seven-storey hotel features three dining outlets which include a lobby lounge, a rooftop bar and an all-day dining restaurant. Other facilities include a fitness centre, an outdoor swimming pool, a business centre, four meeting rooms spanning a total of approximately 354 square metres, and an underground parking which can accommodate up to 136 vehicles. The new addition will bring TA Global’s portfolio of hotels to 8 operating hotels, with two in Australia, two in Canada, one in China, one in Singapore and two in Thailand.

Solaire Cruise Centre Manila Set for Construction in Q3 2019

Philippines’ premier marine leisure gateway, Solaire Cruise Centre is set for construction beginning the third quarter this year. The PHP308 million project under Philippines-based Sureste Property Inc. is the world’s first luxury cruise centre within an integrated resort. Located adjacent to the upcoming cruise pier and terminal along Manila Bay is the 800-key Solaire Resort and Casino. The second phase of resort construction is slated to add additional rooms and extensive new attractions to the development. Solaire Resort and Casino will also be home to a marina with yacht and charter boat facilities, complementing the tourism offerings of shore excursions to nearby islands. Other facilities to be constructed will include verdant areas, a harbourfront esplanade, 1,740-seat auditorium, and plazas which will include shopping, dining, and entertainment attractions. Construction of the luxury cruise centre is expected to be completed within 18 to 24 months before being fully operational by Q3 2021.

World’s Largest Duty-Free Centre to Be Built in Hainan Province, China

China International Travel Service (“CITS”) has recently announced that it would invest RMB12.9 billion (USD1.9 billion) in construction of the world’s largest duty-free centre in the country’s southern-most Hainan Province. Located between the Northern Hainan Economic Zone and the Western Coastal Cities' Sub-Centre, the new centre will be developed into a duty-free commercial, tourism and shopping complex, taking advantage of the island's tax-free benefits for mainland tourists. Measuring 693,000 square metres, the new CITS complex will be built in phases. The first phase of construction will involve the duty-free commercial complex, apartment blocks and residential areas. It is expected to take around three years to complete and cost approximately RMB5.9 billion. The second phase will comprise office buildings, a five-star hotel and shopping components, with an estimated cost of RMB7 billion. According to statistics, Hainan's duty-free sales recorded a compound annual growth rate (CAGR) of 28% from 2012 to 2018, higher than the nationwide 11%. In 2018, it reached RMB10.1 billion, accounting for 26% of the nation's total. The province’s duty-free industry is expected to benefit from the new duty-free centre and witness promising growth.

Myanmar Airways International Commences Flights from Mandalay and Yangon to Hangzhou

Myanmar Airway International (“MAI”) has announced the launch of direct flight service between Manila and Hangzhou, the capital of Zhejiang Province located along Southeast coast of China. MAI will fly to Hangzhou from both Mandalay and Yangon as part of its network expansion plan. The inaugural Mandalay-Hangzhou flight commenced on 17 July 2019, and is operated by the A320 aircraft with flight service commencing every Thursday. The flight service between Yangon and Hangzhou began operation on 19 July 2019. The route is operated by the A319 aircraft, offering flights from Yangon International Airport every Friday. Currently, there are direct flights from Myanmar to eleven Chinese cities, including Chengdu, Shanghai, Shenzhen, Wuhan, Xi’an, as well as Xichuan. As of present, MAI operates six routes from its hub in Yangon and Mandalay, serving Bangkok, Guangzhou, Hangzhou, Kolkata and Singapore.

Starlux Airlines Gains Approval to Launch 13 New Flights to Japan and Thailand

Taiwan-based new carrier, Starlux Airlines Company Limited (“Starlux”), is scheduled to commence service from January 2020, having received approval from Taiwan’s Ministry of Transportation and Communications for 13 new flights to Japan and Thailand. Starlux will fly from Taipei Taoyuan International Airport to eight destinations in Japan, including Tokyo Narita, Osaka, Nagoya, Hakodate, Sapporo, Sendai, Fukuoka and Okinawa, as well as chartered flights from Taichung International Airport to Tokyo and Osaka. The carrier will also operate flights from three cities in Thailand, including Bangkok, Chiang Mai and Phuket. Meanwhile, Starlux is awaiting approval for flights between Taiwan and Vietnam. Nieh Kuo-wei, public relations manager of Starlux, has mentioned that the carrier would first focus on routes to Southeast Asia and were considering flights to the Philippines, Indonesia, Macau and Singapore.

Absolute Share Price Performance, as on 2 August 2019