MUI Group Has Sold an UK Hotel for GBP6.5 Million

Malaysia-based Malayan United Industries Berhad (“MUI Group”) has sold The Regency Hotel with a 4.2-acre freehold land in Britain to UK-based Westbourne Leisure Limited for GBP6.5 million. Situated at Shirley, Solihull, West Midlands, the 111-key hotel is located 10 minutes’ drive from the National Exhibition Centre Birmingham and 20 minutes’ drive from the Birmingham Airport. The property covers a total gross floor area of 7202 square metres, and features two food and beverage outlets, a fitness centre, a sauna, an indoor swimming pool, six meeting rooms and a wedding venue to accommodate 120-150 guests.

Golden Union Assets Acquire USD31 million Shanghai Co-Living Property

Shanghai-based Golden Union Assets (“GUA”) has acquired a USD31 million co-living property, currently known as Cohost West Bund (“CWB”), from London-based Schroders PLC (“SP”). This will be the third residential project from GUA within the last month, after the Chinese government had announced that there will be an enhancement effort to encourage development of rental housing. CWB was converted from a hotel, previously known as Starway Parkview South Station Hotel, in 2016. The 67-unit CWB features studio, one- and two-bedroom apartments, a full gym with a pool and tennis courts, and over 1,000 square metres of boutique street-front shops. The newly acquired CWB will eventually be renamed to base West Bund, under GUA’s serviced apartment brand. The base serviced apartment brand currently manages and operates 17 properties with 1532 keys in the city center of Shanghai and Beijing.

Sultan Plaza up for Collective Sale with SGD360 million Reserve Price

Singapore-based Teakhwa Real Estate has announced the collective sale of Sultan Plaza (“SP”) with a reserve price of SGD360 million. The current reserve price is lower by SGD20 million compared to the previous collective sale price in 2019. SP is a 44 year old building situated on the cross junction of Minto Road and Jalan Sultan Road comprises 211 commercial units and 33 offices, adding up to 244 strata lots. There will be no additional buyer stamp duty (“ABSD”) payable as SP is zoned for commercial use under Urban Redevelopment Authority (“URA”)’s Mater Plan 2019. According to the outline planning permission advisory from URA, a developer may decide to redevelop the land into a hotel, a mixed-use development, or a fully commercial building. As a mixed-use development, it may have a GFA of up to 24,373 m², with 40% for commercial use and 60% for residential use. Alternatively, SP also could be redeveloped into a 700-key hotel, with commercial space taking up 20% of the GFA or around 4,874 m². SP’s en bloc tender is scheduled to close on 10 February 2022 at 3pm.

Novaland Ties up with VinaLiving and Fusion Hotel Group to Further Develop Aqua City

Vietnam-based Novaland Group (“NG”) has announced the joint venture with Hong-Kong based VinaLiving Group (“VG”) to develop River Mansion, a component of Aqua City located within the southern province of Dong Nai. Vietnam-based Fusion Hotel Group (“FHG”) has been selected to manage and operate the Aqua City Resort that will be built as part of the River Mansion. The strategic tie-up between Novaland Group and VinaLiving Group to develop the River Mansion, will feature an 11-hectare River Mansion with 200 villas, town houses, and the Aqua City Resort. The River Mansion and its resort will be designed and built in a French Colonial style. The Chairman of VinaLiving, Do Chi Hieu, is hopeful that the strategic partnership between Novaland Group and Fusion Hotel Group will open up to many more potential investment opportunities.

Pelican Paradise Group is Building a Multi-Million Resort in Timor-Leste

Singapore-based Pelican Paradise Group has signed a special investment agreement with the government of Timor-Leste to invest in a 5-star resort in the area of Tasi-Tolu and Tibar for USD700 million. The resort will occupy 550 hectares of land with a five-star hotel, golf course, residential condominiums, shopping mall and an international hospital. The whole project has begun to be negotiated since 2008, and the Timor-Leste government believed this project would bring great economic development and diversification to the country, and create employment of more than 10,000 jobs. The revenue generated by the resorts will also enable the government to maintain the airport and port operations of the country.

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