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Tag: real estate

  • ICONSIAM in the newest global attraction in Thailand

    ICONSIAM in the newest global attraction in Thailand

    ICONSIAM, the mega city project of futuristic living and an iconic landmark of Thailand’s eternal prosperity on the Chao Phraya River, held the inauguration ceremony for Thailand’s new global attraction on the Chao Phraya River known as the “ICONIC Multimedia Water Features”, which is one of the Seven Wonders of ICONSIAM. The city project is the result of the collaboration of the Tourism Authority of Thailand, the Pacific Asia Travel Association (PATA), the Association of Thai Travel Agents (ATTA), the Thailand Convention and Exhibition Bureau (TCEB), Bangkok River Partners, the Association of Chao Phraya Commerce, the Thai Shipping Association as well as other related agencies and organisations.

    At over 400 metres, it is the longest water dance in Southeast Asia featuring a combination of light, colour, sound and multimedia and set in front of beautiful vistas across the Chao Phraya River. It seeks to glorify and highlight the grandeur of the river for the world to be impressed while attracting local and international visitors to the Chao Phraya River.

    Held at River Park, ICONSIAM, the opening ceremony was attended by the most distinguished people from agencies, organisations, and associations playing an important role in driving tourism in Thailand forward, together with business partners of ICONSIAM as well as many celebrities who joined to witness the momentous occasion.

    Among the well-known celebrities present were the Gubgib-Bie-Pao Pao family, Esther Supreeleela, ‘Ken’ Phupoom Pongpanupak, AF alumni namely Nim, Tee, Baimon, Focus, Mac, Ploysai, Bass, Jackie, Ice, ‘Jeab’ Sopidnapa Chumpanee Dabbaransi, ‘Mona’ Wipawee Korman, ‘Jan’ Siranuj Rojanasatien, Ploy Mahadumrongkul, ‘Kat’ Wantita Lewchalermwong, ‘Ming’ Suwara Sanitwong Na Ayudhya, ‘Yingair’ M.R. Chanladda Yukol, Lina Leenutapong Amornsiri and Jarudej Boonyasit, and many more.

    Mrs. Chadatip Chutrakul, Director of ICONSIAM Co., Ltd., said, “ICONSIAM marks the bringing to life of the concept of ‘Creating Shared Value’ on a scale as never before been seen anywhere in the world.

    The ‘Chao Phraya Master Vision’ was announced 5 years ago, pioneering a historical and national collaboration among multiple different enterprises, the government and private sectors, historic locations, civil society, 5-star hotels and communities along the riverside.

    Since its launch, there have been many collaborations, with the best example being the Amazing Thailand Countdown 2019 and its fireworks display which was viewed by more 1.5 million people.

    ICONSIAM itself welcomed more than 200,000 visitors in a single day for the event. The event brought fame to Thailand and let the world witness the grandeur and beauty of the Chao Phraya River via the world’s leading media such as CNN, BBC, and Reuters. This is a part of the collaborations envisaged in the ‘Chao Phraya Master Vision’ to help make the Chao Phraya River a significant global destination for tourism.”

    ICONSIAM is a city that is the centre of a vast array of wonders in art and culture. It offers the best in shopping and entertainment made possible through the collaboration of business organisations that are both big and small.

    A lot of individuals have come together from different professions. They share a desire to build a venue where all that makes Thais can be presented in the most exquisite way possible. They come together to build a new icon which will become a mega phenomenon that will epitomise ‘Creating Shared Value’, uniting all stakeholders and spreading prosperity to communities, society and the nation. This is embodied in every element within ICONSIAM, and especially the seven wonders.

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  • Hong Kong retail rents tipped to turn

    Hong Kong retail rents tipped to turn

    Hong Kong retail rents are tipped for a modest rise of up to 5 per cent this year according to a research report from real estate advisor Savills. But the authors, Nick Bradstreet, MD, head of leasing and Simon Smith, senior director, research & consultancy, noted that this year has already got off to a positive start. “Landlords and retailers are wary given current uncertainties surrounding trade, stock market valuations, a weak renminbi and rising interest rates among other factors,” said Bradstreet. “But early indications are that the year has got off to a positive start.”

    Smith added: “The well-observed shift towards higher same day mainland visitor numbers and lower per capita spending continued last year and we believe that this year can expect more of the same.”

    Both prime street-shop and shopping-centre rents remained flat last year and rental growth had all but ground to a halt by the fourth quarter due to a weak sales performance, the report said.

    However, the new cross-border bridge and rail link led to a 40.3 per cent year-on-year rise in same-day mainland visitor arrivals in November to 3 million. The number of mainland tourists actually rose during the first 11 months of last year by 14 per cent.

    Smith said the increasing number of same-day visitors and a weak renminbi meant lower per-capita spending and unchanged retail rents by year end.

    “Retail sales growth decelerated to only 1.4 per cent in November, the slowest growth rate registered since June 2017; yet most retailers reported a better-than expected performance over the Christmas holiday period.”

    Thanks to the strong tourist demand, cosmetics and personal care products retailers are expanding rapidly in popular tourist districts such as Causeway Bay, Tsim Sha Tsui and Mong Kok. Food and beverage stores benefited, too, the report said.

    On the contrary, the fourth quarter saw zero rental growth over the previous quarter in prime street shops in most districts, except Tsim Sha Tsui (down -0.9 per cent quarter on quarter). Whilst shopping malls in Kowloon were largely responsible for the marginal decrease with a negative 0.3 per cent change over the third quarter, mall rents remained unchanged on Hong Kong Island and in the New Territories.

    “As a total of 2.3 million sqft of new supply will come on stream this year – the highest level since 2006 – the market fundamentals are expected to remain relatively stable.

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  • The most expensive place to rent an office in the world

    The most expensive place to rent an office in the world

    Central, Hong Kong’s frenetic business and retail heart, crammed with skyscrapers, swanky malls and luxury hotels, is the most expensive district for renting office around the world. Although the office rent in Hong Kong’s Central district is already the world’s most expensive, and there are more and more companies moving out of the city centre to cheaper locations, prices are likely to remain sky high, or even higher.

    Hong Kong is the key financial centre in Asia, and Central is still the most important financial district in the city. Thus, the office rent in Central district is predicted to increase continuously.

    According to Raymond Chow, the Executive Director for Commercial Property at Hongkong Land, Central’s largest office landlord, “Central is still the home to the city’s most influential institutions, such as the Securities and Futures Commission, The Stock Exchange of Hong Kong and Hong Kong Monetary Authority, the connectivity of Central remains a magnet for leading players” he added,  “It is in a way that other districts cannot compare.”

    In June 2018, Central was ranked the most expensive office location in the world for the third year by global commercial real estate firm CBRE, thanks to the strong demand from mainland tenants, who would like to expand their business outside China and seeking Grade A office space.

    Office space in Central now costs USD $306 per square foot, 30 per cent higher than the second highest area, London’s West End, at US$235 per square foot.

    Of the top 10 most expensive premium rental locations, six were in Asia, including Shenzhen, Beijing, Tokyo, and Delhi.

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  • Keppel to sell 70 pct stake in Vietnam waterfront township

    Keppel to sell 70 pct stake in Vietnam waterfront township

    Singapore-based Keppel Corp will sell 70 percent stake in a waterfront township project to a Vietnamese investor for $100 million. The company said in a release Monday that, pending certain developments, it will sell its stake in the Dong Nai Waterfront City Company (DNWC) to Ho Chi Minh City-based Nam Long Investment Corp for VND2.31 trillion ($99.72 million).

    The DNWC is a company incorporated under Vietnam’s laws that has been granted the right to develop the Dong Nai Waterfront City township project.

    Keppel Land, Keppel’s real estate arm, is currently in the process of taking over complete control of DNWC from an unnamed joint venture partner through a demerger.

    Once the demerger is done, DNWC will become a wholly-owned subsidiary of Keppel with the rights to develop a 170-hectare plot of land.

    DNWC also holds a 28-hectare plot of land which is excluded from the proposed divestment.

    The 70 percent stake sale will depend on demerger going through.

    Dong Nai Waterfront City is a 170-hectare residential township project in Dong Nai Province, located 28 kilometers to the northeast of HCMC.

    It will have about 7,850 homes, including townhouses, villas and high-rise apartments with various commercial facilities.

    Keppel Corp said that the stake sale was in line with Keppel Land’s strategy to recycle assets for higher returns. The funds generated will be used to pursue other opportunities in Vietnam, it said.

    The Dong Nai Waterfront City will be Keppel Land’s second township project in Vietnam after the 64-hectare Saigon Sports City in HCMC’s District 2 which is under construction.

  • New commercial landmark set to open at Huaihai Road

    New commercial landmark set to open at Huaihai Road

    Chinese mall operator Bailian is merging two disused department stores on Shanghai’s Huaihai Road in partnership with urban renewal firm URF to create Theatre X. The two malls on the city’s prime retail street were formerly trendy shopping destinations. Huating Isetan on 527 Huaihai Road M was the first Japanese Isetan outlet in China, while Bailian’s No.1 Department Store next door once enjoyed great popularity – both commercial gems of the 1990s.

    The new Theatre X shopping mall will merge the two sites, according to an announcement, and offer “interactive and immersive experiences” to consumers. The 25,000sqm property will offer popular international brands, shared spaces for pop-ups, and exhibition stages for Ted Talks – with developers expecting the venue to become a “pilgrimage site for trendsetters.” It will feature a 40m-high waterfall and giant digital screens.

    Theater X is set to open in September, with further developments in the immediate vicinity expected to follow.

  • Retail project “Taikoo Li Qiantan” Shanghai opens door

    Retail project “Taikoo Li Qiantan” Shanghai opens door

    Swire Properties and Lujiazui Group officially announced the naming of their joint-venture retail project as “Taikoo Li Qiantan”. Located in the heart of the Pudong Qiantan International Business District, this project embodies Swire Properties’ “Taikoo Li” concept, which is well-known for its distinct open-plan, lane-driven architectural design.

    Taikoo Li Qiantan will offer a gross floor area of approximately 1.3 million sq ft (120,000 sqm) and was created in accordance with a ‘naturalism’ design concept; blending elements found in nature with contemporary architecture. The project is a major component of a larger mixed-use development, which will also feature a 56-floor Grade-A office tower – “New Bund Centre” as well as a five-star luxury hotel – “New Bund Shangri-La Hotel”, both invested by Lujiazui Group.

    Qiantan is a new international business district and a rapidly developing hub for art and culture, business, entertainment, residential and world-class sporting facilities. The area is fast-becoming known for its high quality of life and excellent accessibility thanks to the well-developed transportation infrastructure. Qiantan is already home to many multinational corporations and global institutions, including New York University Shanghai and Wellington College International Shanghai. The project will be directly connected to the Oriental Sports Centre metro station which comprises three metro lines – offering direct access to major residential and commercial districts including Lujiazui, Xujiahui, People’s Square and Disneyland.

    Mr Xu Erjin, General Manager of Shanghai Lujiazui Group said, “Following the success of The Bund and Lujiazui, we are confident that the Qiantan International Business District will become yet another remarkable CBD, and our plan is to create a ‘Lujiazui 2.0’, which builds on the successful elements from Lujiazui.

    “Qiantan is quickly becoming a landmark area in Shanghai, and Taikoo Li Qiantan will be a valuable addition to this district, offering unparalleled retail, F&B and leisure experiences to local communities and the greater Shanghai population.”

    Mr Han Zhi, Director-Retail of Swire Properties, said, “Taikoo Li Qiantan marks our third ‘Taikoo Li’ project in Mainland China building on the success of Taikoo Li Sanlitun in Beijing and Sino-Ocean Taikoo Li Chengdu. We are delighted to bring this distinct retail experience to Shanghai. By once again combining local elements with the Taikoo Li concept, we are confident that our second major investment in Shanghai, after the successful launch of HKRI Taikoo Hui in 2017, will become a new retail landmark for residents and visitors.”

    Taikoo Li Qiantan has commenced the leasing process, and is scheduled to open in phases beginning from the end of 2020.

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  • SM Philippines to open 4 new malls

    SM Philippines to open 4 new malls

    SM Prime says it will open four new malls in Philippine provinces this year. The company will also intensify land-banking efforts to make it easier to develop properties in the future. The new SM Prime malls will be SM Mindpro Citimall in Zamboanga City, SM Center Dagupan, SM City Butuan and SM City Olongapo Central. Together they will have a gross floor area of 179,000sqm.

    “SM Prime’s mall expansion is geared toward the provinces,” the company said in a presentation posted online. “The focus is to cover most of Northern Luzon, Visayas, and the progressive cities in Mindanao.”

    Besides the new shopping centres, the company’s properties SM City Baguio and SM City Fairview will be expanded this year, adding 46,000sqm and 32,000sqm, respectively.

    All these developments will see the company finish the year with 10.5 million sqm of GFA, representing an increase of 9 per cent for the year.

    SM Prime’s profit rose 17 per cent in the first nine months of last year, to P23.44 billion (US$444.6 million) on sales up 15 per cent to P74.56 billion (US$1.414 billion).

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  • CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust (CMT) has achieved a distributable income of S$108.1 million for the December quarter, up 5.1 per cent on the same period a year earlier. CMT’s manager, CapitaLand Mall Trust Management (CMTML), says full-year distributable income reach S$410.7 million, up 3.8 per cent year on year. CMTML chairman Richard R Magnus said the results were achieved through “proactive asset and capital management” and reflect the quality of CMT’s portfolio, underpinned by attractive locations and diverse tenant mix.

    “Cognisant of the challenges ahead – which include slowdowns in the global and Singapore economies, uncertainty in the interest rate environment and competition from the completion of new shopping malls – we remain vigilant and will continually explore new ways to differentiate our malls from the competition and increase customer engagement.”

    CMTML CEO Tony Tan said the portfolio was rejuvenated last year by through the sale of Sembawang Shopping Centre and redeploying the proceeds into acquiring the remaining interest in Westgate – a higher-yielding quality asset.

    “During the fourth quarter, we completed the asset enhancement initiatives at Tampines Mall and Westgate, which are targeted at expanding their retail offerings and improving comfort and accessibility for visitors. In the same quarter, Plaza Singapura welcomed NomadX,

    CapitaLand’s first multi-label concept store featuring digital sensors, ePayment systems and unmanned store technology. By immersing our physical retail space with digital technology, we are empowering our tenants to strengthen interactions with a new set of customers while getting to know our shoppers better,” said Tan.

    “Through continual efforts to refresh CMT’s tenant mix and elevate the shopping experience, we ended the year with a high portfolio occupancy of 99.2 per cent.”

    Tan said the Funan redevelopment continues its leasing momentum and is on track to open in the second quarter of this year.

    “Including leases under active negotiations, the leasing for Funan has reached more than 80 per cent.”

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  • Sunway, Hoi Hup Realty wins land tender in Singapore

    Sunway, Hoi Hup Realty wins land tender in Singapore

    The Housing and Development Board of Singapore has awarded a parcel of land measuring 2.5ha to Sunway Bhd’s Singaporean unit Sunway Developments Pte Ltd (SDPL) and Hoi Hup Realty Pte Ltd after a successful bid.
    The land is slated for the SG$434.45 million (RM1.32 billion) Executive Condominium Housing Development. The group told the stock exchange that the land located at Tampines Avenue 10 (Lot 7545K MK 28), Tampines, Singapore was awarded to Hoi Hup and SDPL following a successful joint tender submitted by the parties.

    “The land will be acquired by a proposed new joint venture company to be incorporated, in which Hoi Hup or its nominee company(ies) and SDPL will have equity interest in the proportion of 65:35,” it noted.

    The 99-year lease term Executive Condominium Housing Development project is scheduled to go on for 60 months, commencing Jan 22.

    It is expected to contribute positively to the earnings of Sunway Group in the financial year 2023.

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  • Xiqu Centre finally opens in Hong Kong

    Xiqu Centre finally opens in Hong Kong

    Hong Kong’s new performing arts venue dedicated to Xiqu (Chinese Opera), has just opened. Located on the Eastern edge of the West Kowloon Cultural District, at the junction of Canton Road and Austin Road, the Xiqu Centre is directly accessible from the Hong Kong West Kowloon Station and Austin MTR station, and easy to reach by public transport from all parts of Hong Kong.

    The building’s striking design, created by Revery Architecture (formerly Bing Thom Architects) and Ronald Lu & Partners, was inspired by traditional Chinese lanterns and blends traditional and contemporary elements to reflect the evolving nature of the art form.

    Stepping through the main entrance, shaped to resemble parted stage curtains, visitors are led directly into a lively atrium with a raised podium and space for presenting the rich and ancient culture of Chinese traditional theatre.

    The eight-storey building has a total area of 28,164 sq m and houses a Grand Theatre, accommodating 1,073 seats, a Tea House Theatre, with a capacity of up to 200 seats, eight professional studios and a seminar hall, all specially designed for different types of xiqu-related functions and activities.

    The design details of each of the facilities have also been created in response to the practical requirements and aesthetic features of the art form. A unique feature of the venue is the location of the Grand Theatre at the top of the building, which allows for a large open atrium below with space for exhibitions, stalls, and xiqu demonstrations and workshops.

    Carrie Lam Cheng Yuet-ngo, the Chief Executive of Hong Kong, gave a speech at the opening ceremony of Xiqu Centre. “The launch of Xiqu Centre is not only a significant international cultural event, but Hong Kong also takes it as a great honor and we all are very proud of it.”

    In fact, Chinese opera has been inscribed in the UNESCO Intangible Cultural Heritage Lists for a decade, Carrie Lam hopes the Xiqu Centres would help promote Hong Kong as an international arts hub and consolidate the city’s position in the development of Cantonese opera.

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  • Vietnam office space remains lucrative

    Vietnam office space remains lucrative

    Hanoi and HCMC will continue to be among the best performing office space markets globally in 2019, top property consultants have predicted. Troy Griffiths, deputy managing director of real estate service firm Savills, said that it was the case last year and this would continue on the back of very strong demand amidst supply constraints.

    “The demand driver is very strong, especially that from the booming financial services sectors like insurance and banking.”

    He said rentals would rise across the board as a consequence.

    “The Hanoi market’s rental might grow somewhere between 7 to 15 percent across all grades this year, while it will probably be slightly lower in HCMC, at 11 percent for A grade.

    “Rental will continue to trend up until supply catches up. Occupancy will be very strong at 90 percent and above. This will be much a story for 2019.”

    Official statistics show that at more than $19 billion, foreign direct investment (FDI) disbursement for 2018 in Vietnam was the highest in a decade.

    The country’s commitment in free trade agreements (FTAs) including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force on January 14, 2019, is also expected to boost economic prospects, resulting in a positive demand in office market.

    Dung Duong, head of valuation, research and consulting at CBRE, also said Hanoi and HCMC will continue to be two of the world’s the best performing office space markets this year.

    “Grade A average asking rent in HCMC is expected to increase by 4 percent in 2019, while occupancy will reach as high as 96 percent.”

    In Hanoi market, positive rental growth is expected in both Grade A and B, especially in Grade A on the back of new quality supply in the central business districts (CBD) in 2019, she said.

    “This will become the newest Grade A supply after three years of no new supply. In terms of demand, apart from traditional sectors such as banking, insurance, manufacturing and IT, co-working space is expected to continue to be a major source of demand.”

    According to a recent report by another real estate services provider, JLL, the HCMC market added 60,269  square meters of new supply from two grade B and four grade C buildings in 2018, taking the total inventory to nearly 1.97 million sq.m.

    The robust demand had pushed the occupancy rate to more than 96 percent by the end of last year, the report said.

    “Technology, IT companies and flexible space operators continued to show signs of expansion, while tenants in services, finance and manufacturing continued to dominate leasing demand in the market.”

    Average rent was $23.6 per square meter per month, up 4 percent from the previous year.

    There was no new grade A supply last year and only one new grade A building will be added this year, the Lim Tower 3 in Nguyen Dinh Chieu Street, District 1.

    In Hanoi, given the buoyant Grade A demand and limited premium supply, some buildings in the CBD with high occupancy rates continued to increase rents in the fourth quarter of 2018.

    Thai Square fronting two streets in the capital’s Hoan Kiem District, Tong Dan and Tran Quang Khai, is expected to come into the market in the first quarter of 2019, adding more than 25,000 sq.m to the inventory.

    By the end of 2019 some 153,000 sq.m of space is expected to be added in Hanoi, the report said.

    While the opportunities in office investment in the HCMC and Hanoi CBDs are obvious, Griffiths said foreign investors interested in them would find a lot of challenges.

    “The reality is that land in CBDs in HCMC and Hanoi have a great deal of domestic ownership.”

    He advised foreign investors to seek good long-term joint venture partnerships.

    “There are more and more domestic real estate companies listed on local bourses and they are very active in the property market. That gives an opportunity for greater liquidity and great foreign ownership. I think it’s pretty essential for foreign investors to have good joint venture partnerships with such firms.”

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  • Shilla Vietnam to open hotel at Da Nang

    Shilla Vietnam to open hotel at Da Nang

    Hotel Shilla announced Tuesday that it will actively begin expanding its brand abroad this year, the first new location being a resort in Da Nang, Vietnam. “Starting with Da Nang, we hope to expand our brand to more than 10 overseas locations in Southeast Asia, United States and China,” the hotel company said in a statement. Hotel Shilla is Samsung’s hotel and duty-free business arm. The 46-year-old company currently operates The Shilla Seoul and The Shilla Jeju.

    It also runs 11 business hotels under its Shilla Stay name.

    The company said that it will expand overseas through hotel management agreements with local companies, a common structuring for hotel chains. This means the local partner will own the hotel building while Shilla will operate the business. For Shilla, this minimizes investment risks.

    Shilla’s new Da Nang hotel – slated to open this year under the brand-new Shilla Monogram name – will be a nine-floor building with 300 rooms. The hotel will be located on Non Nuoc Beach in Da Nang, a popular destination for Korean tourists.

    The hotel, still under construction, will feature an outdoor pool, restaurants and bars. Every room will be equipped with a balcony.

    Hotel Shilla also announced that it is preparing to open a 200-room premium business hotel in San Jose in Silicon Valley, California, under its Shilla Stay brand by 2021.

    “We hope to continue raising more revenues abroad by expanding our overseas hotel business,” said a Hotel Shilla spokesperson.

    Some 20 percent of the company’s total revenues today, or 1 trillion won ($892.5 million), come from abroad. Hotel Shilla operates several duty-free stores in domestic and foreign airports, including locations at three of Asia’s busiest airports: Singapore’s Changi Airport, Hong Kong International Airport and Incheon International Airport.

    Hotel Shilla has been operating Jinji Lake Shilla Hotel in Suzhou, China, since 2006. It was the first overseas hotel managed by the company.

    Following Tuesday’s announcement, Hotel Shilla’s stock prices closed at 76,100 won on Tuesday, 1.33 percent higher than Monday.

    As for upcoming domestic projects, Hotel Shilla is planning to open a hotel themed after hanok, or traditional Korean houses, by 2023 in central Seoul.

    If the company receives approval to build the new hotel from domestic land authorities, it will become the first to operate such a hotel in Seoul.

  • Hong Kong high-street retail rents ease

    Hong Kong high-street retail rents ease

    Hong Kong high-street retail rents dropped slightly in the final quarter of last year as weakened market sentiment impacted sales growth. According to a market update from property company CBRE, shop rents for the four core retail areas in the city dipped by 0.4 per cent quarter on quarter in the last three months of last year. However, full-year rents managed to record 0.2 per cent growth, bringing an end to four years of annual declines.

    Vacancy rates in tier 1 streets in the four core retail districts edged up by 0.2 percentage points from 3.6 per cent in the third quarter to 3.8 per cent in the last quarter. However, the full-year vacancy rate fell by 0.3 percentage points to 3.8 per cent compared to 4.1 per cent a year earlier.

    CBRE said market sentiment weakened in the fourth quarter, impacted by the US-China trade conflict and volatility in the stock market.

    While retail sales rose by 6 per cent year on year in October, growth slowed to just 1.4 per cent in November – the slowest monthly increase since June 2017.

    “Visitor arrivals remained solid, recording 15.9 per cent growth year on year in October and November combined, the strongest quarterly growth last year,” said CBRE’s report.

    “This ensured continued strong leasing demand from health, personal care and cosmetics retailers.”

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  • Berjaya Land to build Four Seasons Resort in Okinawa for US$1b GDV

    Berjaya Land to build Four Seasons Resort in Okinawa for US$1b GDV

    Berjaya Land Bhd’s (BLand) subsidiary Berjaya Okinawa Development Co Ltd will develop the Four Seasons Resort and Private Residences Okinawa in Japan, which has an estimated gross development value of US$1 billion (RM4.1 billion), in partnership with hospitality company Four Seasons Hotels and Resorts. BLand’s parent Berjaya Corp Bhd founder and executive chairman and BLand major shareholder Tan Sri Vincent Tan said the project has a development cost of US$400 million (RM1.64 billion).

    Four Seasons Resort and Private Residences Okinawa will have 120 hotel rooms, 120 residences and 40 villas. The project is expected to take four years to complete.

    Tan said Four Seasons Resort and Private Residences Okinawa is another iconic project in Japan for the Berjaya group, emulating the success of Four Seasons Hotel and Hotel Residences Kyoto, which was launched in December 2016.

    “We think it will be the most valuable and expensive hotel in Okinawa. It will have the highest rate, just like Four Seasons Kyoto where the average rate is US$1,500 per night, but Okinawa will be slightly less. It will be good for BLand and BCorp,” he said at the hotel management agreement signing ceremony.

    He added that four-star hotels in Okinawa average at US$700-US$800 per night while the better ones are priced at US$1,000, viewing that Four Seasons Resort and Private Residences Okinawa will do well there.

    “I’m confident that Okinawa will be an outstanding successful project for Berjaya,” said Tan.

    The project will comprise 30 acres out of the 100 acres of beachfront land owned by BLand along the western coast of the island of Okinawa.

    “We have another 70 acres. We can build many more hotels on that land and Okinawa is a good market. We can do shopping mall, residences, three- or four-star hotels,” added Tan.

    This is BLand’s second partnership with Four Seasons but Tan said both parties are also in talks on future projects in Japan and other cities.

    Four Seasons operates 111 hotels and resorts, 41 residential projects in major city centres and resort destinations in 47 countries, and with over 50 projects under planning or development.

    “We have plans to grow our footprint in Japan such as Osaka, Hakone, leisure destination in Hokkaido, including Niseko. It’s a country that we continue to focus on, not only growth but also operating existing assets there,” said Four Seasons Hotels and Resorts senior vice-president for development Asia Pacific Christopher Wong.

    When asked if Four Seasons Resort and Private Residences Okinawa will also be put for sale, like the Four Seasons Kyoto, Tan said it is possible, adding that every thing is up for sale with the right price.

    On the divestment of the Four Seasons Hotel in Kyoto, Tan said it is talking to several parties for a better price and is expected to be finalised in the next three months.

    On the plan to carve out the hotel assets from BLand and to list the hotel business in Singapore, Tan said it is not finalised yet, but it could include Malaysian hotel assets.

    “We will list those that we’re not selling. We have a few hotels that we’re not selling like Berjaya Times Square Hotel and Ansa Kuala Lumpur. Those that we want to hold for long term, mostly are the Malaysian hotels,” he added.

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  • Beijing approves blueprint for ‘Greater Bay Area’

    Beijing approves blueprint for ‘Greater Bay Area’

    Chinese Vice-Premier Han Zheng, the point man on Hong Kong and Macau affairs, recently gave the green light to the official document on the “Greater Bay Area” following extensive consultations with local governments, a Beijing source said. “No party or agenda, including even environmental protection, will be left behind by this all-inclusive blueprint,” the official said.

    More than three years in the making, the Greater Bay Area was first mentioned in a development action plan jointly outlined by China’s top authorities on economic planning, commerce and foreign affairs to create a new economic growth engine by pooling together Hong Kong, Macau and nine neighbouring cities in Guangdong province.

    The mega zone covers 56,500 square kilometres, has a combined population of about 67.6 million and accounted for 12.5 per cent of the country’s gross domestic product in 2016.

    Hong Kong leader Carrie Lam Cheng Yuet-ngor has taken part in discussions on the scheme since August last year, becoming the city’s first chief executive to join a leading group under China’s cabinet, the State Council.

    Authorities were now working on the implementation plan, Zhang said in an interview with state broadcaster CCTV which was aired on Saturday night.

    Hong Kong, Macau, Guangzhou and Shenzhen would be the central cities in the bay area, and each had their own unique positioning, he said.

    Hong Kong will be the international finance, navigation and trade centre, as well as a transport hub. It will have the role of pushing finance, trade, logistics and professional services towards the high-end market.

    Macau will be an international tourism city and a platform for trade with Portuguese-speaking countries. Guangzhou will take a leading role as a national central city while Shenzhen will take a leading role as a special economic region and an innovative city, he said.

    The planners hope the advantages these four cities enjoy can complement each other and offset the challenges brought by gaps in the legal and economic systems.

    The international network and mature market economy of Hong Kong and Macau could have big potential when combined with the vast hinterland and market Guangzhou enjoyed, he said.

    “Under the new circumstances, Hong Kong and Macau still have their unique position and advantages that cannot be replaced,” Zhang said.

    He revealed for the first time that there were almost 100,000 Hong Kong residents and nearly 20,000 Macau residents who had applied for a new identity card that would grant them access to a wide range of social and public services on the mainland. The arrangement was introduced on September 1 last year.

    There were high expectations that Beijing would reveal the blueprint when Premier Li Keqiang said in March last year there would be an announcement soon. But the central government has since been embroiled in a trade war with its biggest trading partner, the United States.

    Sources said that the tussles over political interests and dominance among the Greater Bay Area parties was a reason behind the delay and meant the central government had to step in to coordinate.

    “But the most important question here is whose model to follow and whether the tussle is about Hong Kong converting mainland cities or the other way around?” said an academic who has direct knowledge of the blueprint’s planning.

    “Mainland cities are hesitant to follow Hong Kong’s model in case they lose official powers.”

    An internal study by an official think tank seen by the Post said the crux of the Greater Bay Area integration was about putting “one country, two systems” into practice but differences in economic, tax, customs and legal systems that would ensure Hong Kong and Macau’s high degree autonomy have remained key challenges.

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