Development Consortium Led by Alibaba and Perennial Holdings are to Redevelop the AXA Tower in Singapore

China-based Alibaba Group Holding Ltd (“BABA”) will have 50% stake, Singapore-based Perennial Holding Ltd (“PH”) & Singapore-based Wilmar International (“WI”) with 29% stake, and remaining 29% is joint venture of Chip Eng Seng Corp, SingHaiyi Group and Haiyi Holdings controlled by Mr Gordan Tang and wife Celine has approval from the Urban Redevelopment Authority (“URA”) to redevelop the current AXA Tower. The new project will be a 63-storey mixed-use development, making it the tallest building in the city at 304 metres in height . Of the permitted gross floor area of 144,163 square metres, 59 percent or 87,967 square metres will be for commercial use, 33 percent or 49,421 square metres for 215 “residential apartments with sky terraces”, while the hotel component will comprise 11 suites totalling 6,775 square metres. Slated to complete in 2028, the new skyscraper will feature a two-floor retail podium, lobby floor for the hotel, office and residential, four basement floors and an underground link to the Tanjong Pagar MRT station.

Yanlord Land Obtains Approval to Redevelop CBD Office Tower into a Mixed-Use Project

United Engineers Limited (“UEL”), a subsidiary of Singapore Stock Exchange listed Yanlord Land Group Limited has obtained approval from the Urban Redevelopment Authority to redevelop the UE Bizhub Tower at 79 Anson Road into a new complex combining office space with 255 serviced apartments and ancillary retail. Located at the junction of Anson Road and Palmer Street, the building is linked to Tanjong Pagar MRT station. The proposal qualifies for a 25 percent expansion in size that could build up to 157,917 square feet office space, 4,736 square feet of retail accommodation and 255 serviced apartments on the freehold site.

Ascott acquires Lyf-branded Co-living Property in Tokyo

Singapore-based The Ascott Limited (“TAL”), the lodging business of CapitaLand Investment Limited, will acquire the first lyf-branded co-living asset in Tokyo through its Serviced Residence Global Fund (“ASRGF”), a joint venture with the Qatar Investment Authority. The 140-key property is to be named lyf Ginza Tokyo and is expected to open in June 2023. This is the fund’s fourth acquisition this year, having deployed approximately SGD400 million across four countries this year. With the addition of the Tokyo property, ASRGF will have 12 properties with over 2,300 units. The ASRGF portfolio includes lyf Bondi Junction Sydney, Somerset Hangzhou Bay Ningbo, and Citadines Canal Amsterdam. TAL reported that the company opened 20 properties with more than 4,500 units in H1 2022, a 56% increase from the same period last year.

Thailand Government Approved to Grant THB5 Billion Soft Loans to Hotel Operators

The cabinet in Thailand has recently approved a project to grant THB5 billion soft loans to Thailand hotel operators and their supply chains. The project will be operated by the Thailand state-owned Government Savings Bank, aiming to provide funds to up to 1,000 small and medium-sized enterprises in the current challenging economic situation. Hotels and their supply chains can borrow up to THB5 million for no more than seven years, with grace periods and set interest rates of 1.99% in the first two years. Borrowers can use their assets as collateral or request the Thai Credit Guarantee Corporation to be their guarantor.

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