Weekly Hotel Industry Asia Pacific News Roundup from HVS

SJM Holdings Acquires a Commercial Property to Be Transformed Into a Hotel In Hengqin, China

Hong Kong-based SJM Holdings Limited (“SJM Holdings”) announced the acquisition of a commercial property in Hengqin, Zhuhai, for approximately RMB724 million. The deal was completed through its subsidiary, SJM – Investment Limited, via an agreement with Zhuhai Hengqin Shun Tak Property Development Company Limited, a wholly owned unit of Hong Kong-based Shun Tak Holdings Limited. The property will be converted into a three-star hotel targeting the underserved mass market segment, with conversion and renovation works expected to be completed within 24 months. This marks a strategic move to expand its hospitality footprint within the Greater Bay Area. The acquired asset comprises strata-title office units across 12 floors and a retail unit, with a total gross floor area of approximately 19,781 square metres. The acquisition price was based on an estimated market value of RMB660 million for the property and RMB108 million in conversion-related costs. The property forms part of Xin De Kou An Shang Wu Zhong Xin, a mixed-use development situated adjacent to the 24-hour Hengqin Port. 

Mah Sing Acquires Corus KLCC Hotel Site for MYR260 Million from MUI in Kuala Lumpur, Malaysia

Malaysia-based property developer, Mah Sing Group Bhd (“Mah Sing”), has acquired the 388-key Corus KLCC hotel site for MYR260 million from Malaysia-based holding company Malayan United Industries Bhd (“MUI”). The 13-storey property occupies a 0.6-hectare freehold site and enjoys a prime location, just a five-minute walk from the Petronas Twin Towers and Suria KLCC. It also benefits from direct access to the KLCC Station, the Ampang Park Interchange, served by both MRT and LRT lines, and an underground station connected to Suria KLCC Mall. Following the acquisition, the site is planned to be redeveloped into a serviced apartment project with an estimated gross development value of MYR1.28 billion.  

Daiwa House REIT Acquires 176-key Hotel Development for JPY4.75 Billion in Kumamoto City, Japan

Daiwa House REIT Investment Corporation (“Daiwa House REIT”), a real estate investment trust sponsored by Japan-based Daiwa House Industry Co., Ltd., has entered into a forward purchase agreement to acquire Amanek Kumamoto, a hotel under development in Chuo Ward, Kumamoto City, from Japan-based Fuyo General Lease Co., Ltd. for JPY4.75 billion after the opening of the hotel. This translates to approximately JPY27 million per key. The 176-key limited-service hotel will span approximately 5,397 square metres of gross floor area across 12 storeys. Currently under construction, the property is scheduled for completion in July 2026. Located a 6-minute walk from the Karashimacho tram stop, the hotel will offer access to Kumamoto’s city centre via the A and B tram lines. Upon completion, the hotel will be operated under a fixed-term lease agreement with a Japan-based hotel developer, manager and consultant, Amanek Co., Ltd., until 2047, with a projected stabilised net operating income yield of 5.3%. 

Kasumigaseki Capital Sells Two Hotel Development Sites to Toray Construction

Japan-based property investor and fund manager, Kasumigaseki Capital Co., Ltd., (“Kasumigaseki Capital”) has sold two hotel development sites to Japan-based construction company, Toray Construction Co., Ltd (“Toray Construction”) for an undisclosed amount. The sites, located in Tokyo’s Taito ward and Izumo City, Shimane Prefecture, are slated for completion in December 2027 and September 2027, respectively. The Tokyo property will be a 12-storey, 32-key hotel with a gross floor area of approximately 1,122 square metres (“sqm”). The Izumo City property will comprise 96 keys across 10 storeys, with a gross floor area of approximately 4,551 sqm. 

Stamford Court Singapore will be Rebranded as a Mixed-use Development

Singapore’s Stamford Court will be rebranded as a new mixed-use development. Located at the intersection of Hill Street and Stamford Road, the four-storey heritage building—formerly operating as an office building with ground-floor retail— is undergoing renovations and will reopen in second half of 2026 as Stamford Place. The redevelopment plans include eight retail and food-and-beverage outlets on the ground floor, approximately 2,787 square metres of coworking space across two levels, and 66 boutique lifestyle serviced apartment units on the top floor. Stamford Court was acquired in 2024 by Singapore-based real estate investment and asset management firm Elevate Capital Group (“Elevate Capital”), in partnership with PGIM Real Estate, the global asset management arm of US-based Prudential Financial, Inc. (“PFI”), for SGD132 million from Singapore Land Group Limited, a subsidiary of Singapore-based UOL Group Limited.

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