Vision Hotels Sold Tasmania’s Scamander Beach Resort

Australia-based Vision Hotels has announced the sale and settlement of the Scamander Beach Resort at an undisclosed sum. Situated in Scamander, the property is just next to Steels Beach and Scamander River. The 60-key property features one food and beverage outlet with more than 150 seats and a liquor store.

 

Japan-based Mitsubishi Estate Co., Ltd (“MECL”) is selling a 50% stake of the newly constructed ARGYLE Aoyama (“AA”) to Japan Real Estate Asset Management Co., Ltd (“JRE-AM”), an investing arm of Japan Real Estate Investment Corporation (“JRE”) for JPY23.9 Billion. The 20-storey AA sits on a 22,010 square metre plot located in the fashion-centric Minato Ward and consists of office, co-working, a hotel, and retail spaces. The 42-key Aoyama Grand Hotel is currently operated by Japan-based hospitality firm Plan Do See Inc and consists of four restaurants, rooftop bar and a fitness center. The AA which was completed in 2020, sits on the corner of Gaien Nishi-dori Avenue and Aoyama-dori Avenue in Minato ward’s Aoyama upscale neighborhood.

 

Japan-based Tokyu Land Corporation (“TL”) is investing in hotels located in Thailand through the company’s Singapore arm, investing in a trio of Ibis-branded franchised hotels as tourist returns. TL will acquire ownership interests from Thailand-based developer Origin Property Company Ltd. (“OPCL”) of three properties located in Phuket, Krabi and Hua Hin. OPCL will enter the partnership through their subsidiary, One Origin Company Ltd (“OOC”) which together with Tokyu Land will form a new entity with a registered capital of THB281 million. OOC will hold a 51% share while the remaining 49% will be held by Tokyu Land’s Singaporean investing arm. The 258-key Ibis Phuket Kata, which is the largest of the trio sits on a 5,700 square metre site and consists of one restaurant and bar, swimming pool and three meeting rooms. The 206-key Ibis Styles Krabi sits on a 5,700 square metre site and consists of one restaurant and bar, two swimming pools and two meeting rooms. Lastly the smallest of the trio, the 200-key Ibis Hua Hin which sits on a 3,400 square metre site and consists of one restaurant and bar, swimming pool and two meeting rooms.

 

Frasers Residence Singapore Rebranded as Coliwoo Orchard

Frasers Residence Singapore has recently rebranded as Coliwoo Orchard, marking the eighth property of the Singapore-based LHN Group launched in Singapore. Situated at 2 Mount Elizabeth Link near Orchard and Somerset MRT stations, the 411-key property is within walking distance of the Mount Elizabeth Hospital. The 22-storey property features shared facilities such as a swimming pool, separate children’s pool, a jacuzzi, a co-working lounge, a gymnasium, and a BBQ pit. All rooms are equipped with a kitchenette, washer, and dryer machine, and en-suite bathroom. LHN Group has secured a three-year lease agreement with Eastern Realty, a wholly owned subsidiary of the Singapore-based Oversea-Chinese Banking Corporation, Limited.

 

Malaysia’s Subang Airport is set to be Redeveloped as an Aviation Hub

Malaysia’s Subang Airport is set to be redeveloped into a premium city airport and aviation hub after the Cabinet approved of plans for its rejuvenation last week. The redevelopment plan, which is part of the new Subang Airport Rejuvenation Plan (“SARP”), will focus on seven areas, including the introduction of commercial jet passenger flights for general aviation, business aviation, urban air mobility, as well as regional commercial flight operations among others. The end goal is to turn the Subang Airport into a regional aviation hub with a maximum capacity of eight million annual passengers. The completion of this project will create thousands of high-value jobs in Malaysia.

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