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Market Snapshot: Asia Pacific 2024
By Hok Yean Chee
The Market Snapshot: Asia Pacific 2024 highlights an overview of transaction activity in the region and presents 24 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
To view and download the full article, please click here.
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CLAS Acquires lyf Funan Singapore for SGD263 Million
Singapore-based CapitaLand Ascott Trust (“CLAS”) is acquiring the 329-key lyf Funan Singapore from the Singapore-based private equity fund, Ascott Serviced Residence Global Fund (“ASRGF”) in a related-party transaction at an agreed property value of SGD263 million, translating to approximately SGD800,000 per key. ASRGF is co-owned by CLAS' sponsor, Singapore-based The Ascott Limited ("Ascott") and the Qatar-based sovereign wealth fund, Qatar Investment Authority. Opened in 2019, lyf Funan Singapore is part of the larger Funan integrated development, which includes retail and office spaces, and has 54 years remaining on its leasehold tenure. The property is connected to the train station via a direct underpass and offers communal facilities such as shared kitchens, lounge areas, and rooms accommodating one to nine guests. Upon completion of the acquisition, CLAS will enter into a master lease agreement with The Ascott for lyf Funan Singapore.
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Fragrance Group Acquired Katong Plaza in Singapore for SGD180 Million
Singapore-based Fragrance Group Limited (“Fragrance Group”) has acquired Katong Plaza, located in Marine Parade, Singapore, for SGD180 million. This translates to a land rate of SGD1,809 per square foot per plot ratio, including the land betterment charge and is approximately 4.2% lower than the guide price of SGD188 million. Currently a freehold mixed-use development combining commercial and residential elements, the site has secured government approval for hotel use. The new hotel at Katong is expected to feature 300 to 340 rooms and may operate under the Accor brand. Fragrance Group, along with its hospitality arm, Global Premium Hotels, also signed an agreement with France-based Accor S.A. last month to open two new-build properties by 2027. This includes the 808-key Mövenpick Singapore on Hoe Chiang Road, which is set to be the largest Mövenpick hotel in the Asia-Pacific region and the 502-key hotel under the Handwritten Collection brand at Waterloo Street.
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Oxley Rising Sells 30% Interest in Luxury Hotel Under Development for MYR250 million in Kuala Lumpur, Malaysia
Singapore-based Oxley Holdings Limited has announced that its wholly-owned subsidiary, Oxley Rising Sdn. Bhd. (“Oxley Rising”), has agreed to sell a luxury hotel under development, comprising 14 stories of hotel rooms and 2 stories of hotel facilities, within the freehold integrated development Oxley Towers Kuala Lumpur City Centre ("KLCC") in Malaysia, for MYR250 million to Malaysia-based Artisan Hospitality Sdn. Bhd. (“Artisan Hospitality”) and Kindway Express Limited ("KEL"), a related corporation of Hong Kong-based Langham Hotels Management (HK) Limited ("LHG"). Artisan Hospitality will be held by Oxley Rising and KEL in a shareholding proportion of 70% and 30% respectively. The hotel will have an approximate floor area of 24,284 square metres and will be operated under the Langham brand. It is expected to begin operations before 31 December 2027, and is one of two hotels to be developed as part of the Oxley Towers KLCC. Additionally, Oxley Rising will be responsible for various development and fit-out works for the hotel, for which it will be paid an amount not exceeding MYR200 million.
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Invictus Acquired lyf Ginza Tokyo in Japan for JPY10.5 Billion
Singapore-based family office Invictus Development Pte Ltd (“Invictus”) has acquired the 140-key lyf Ginza Tokyo in Japan from the Singapore-based Ascott Serviced Residence Global Fund for JPY10.5 billion, translating to approximately JPY75 million per key. Previously acquired in 2022, the freehold property underwent an asset enhancement initiative before reopening in November 2023. It will continue to be managed by Singapore-based The Ascott Limited. Located in the Ginza area of Tokyo, the property features a food and beverage outlet, co-working lounge, social kitchen, launderette, and fitness centre. This marks the first acquisition in Japan by Invictus, the family office of Indonesian palm oil tycoon Bachtiar Karim.
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Absolute Share Price Performance, as of 4 October 2024 | |
| Closing Share Price | 4 October 2024 | 27 September 2024 | % Change | | |
| Australia Stock Exchange (ASX) | | |
| Elanor Investors Group | 0.85 | 0.85 | 0.0%
| | Event Hospitality & Entertainment Ltd | 10.45 | 10.80 | -3.2%
| | General Property Group | 4.94 | 5.08 | -2.8%
| | Mirvac Group | 2.19 | 2.21 | -0.9%
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| Bangkok Stock Exchange (THB) | | |
| Central Plaza Hotel Public Co Ltd | 39.50 | 40.00 | -1.3%
| | Dusit Thani Public Co Ltd | 11.50 | 11.60 | -0.9%
| | The Erawan Group Public Co Ltd | 4.32 | 4.58 | -5.7%
| | Grande Asset Hotels & Property Public Co Ltd | 0.11 | 0.11 | 0.0%
| | Laguna Resorts & Hotel Public Co Ltd | 38.75 | 38.75 | 0.0%
| | Minor International Public Co Ltd | 28.50 | 28.50 | 0.0%
| | S Hotels and Resorts Public Company Limited | 2.30 | 2.38 | -3.4%
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| China Shanghai Stock Exchange (RMB) | | |
| Jinling Hotel Corporation Ltd | 7.11 | 7.11 | 0.0%
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| China Shenzhen Stock Exchange (RMB) | | |
| Huatian Hotel Group Co.,Ltd. | 3.41 | 3.30 | 3.3%
| | Guangzhou Lingnan Group Holdings Company Limited | 9.75 | 9.28 | 5.1%
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| Huazhu Group Limited | 42.21 | 37.87 | 11.5%
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| Hong Kong Stock Exchange (HK$) | | |
| Miramar Hotel & Investment Co Ltd | 9.80 | 9.60 | 2.1%
| | Regal Hotels International Holdings Ltd | 2.71 | 2.73 | -0.7%
| | Sino Hotels Holdings Ltd | 1.42 | 1.32 | 7.6%
| | The Hong Kong & Shanghai Hotels Ltd | 5.79 | 5.72 | 1.2%
| | Shangri-La Asia Limited | 5.82 | 5.47 | 6.4%
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| National Stock Exchange (INR) | | |
| Chalet Hotels Ltd | 860.05 | 892.00 | -3.6%
| | IHCL (Taj Hotels, Resorts & Palaces) | 668.00 | 698.00 | -4.3%
| | EIH (Oberoi Hotels & Resorts) | 395.00 | 379.85 | 4.0%
| | Hotel Leela Ventures | 16.91 | 17.63 | -4.1%
| | Lemon Tree Hotels Ltd | 118.10 | 122.50 | -3.6%
| | Mahindra Holiday & Resorts | 391.00 | 387.00 | 1.0%
| | Royal Orchid Hotels | 349.00 | 358.00 | -2.5%
| | SAMHI Hotels Limited | 198.65 | 203.31 | -2.3%
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| The Shilla | 46500.00 | 49300.00 | -5.7%
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| Singapore Stock Exchange (S$) | | |
| Amara Holdings Ltd | 0.60 | 0.59 | 0.8%
| | ARA Htrust (US$) | 0.25 | 0.26 | -2.0%
| | Ascott Residence Trust | 0.99 | 0.97 | 2.1%
| | Banyan Tree Holdings Limited | 0.35 | 0.35 | 0.0%
| | CDL Hospitality Trusts | 1.01 | 0.98 | 3.1%
| | Far East Hospitality Trust | 0.65 | 0.65 | 0.0%
| | Frasers Hospitality Trust | 0.47 | 0.46 | 1.1%
| | Hotel Grand Central Ltd | 0.73 | 0.72 | 0.7%
| | Hotel Properties Ltd | 3.60 | 3.72 | -3.2%
| | Mandarin Oriental International Ltd (US$) | 1.75 | 1.71 | 2.3%
| | Stamford Land Corporation Ltd | 0.37 | 0.38 | -1.3%
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| Taiwan Stock Exchange (NT$) | | |
| Formosa International Hotels Corporation | 201.00 | 203.50 | -1.2%
| | The Ambassador Hotel, Ltd | 63.10 | 62.80 | 0.5%
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| Tokyo Stock Exchange (JPY) | | |
| Japan Hotel REIT Investment Corp. | 72000.00 | 70600.00 | 2.0%
| | Imperial Hotel, Ltd | 946.00 | 955.00 | -0.9%
| | Red Planet Japan Inc | 960.00 | 998.00 | -3.8%
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