Real Estate Archives - Page 5 of 22

Hektar REIT’s Q2 Realised Net Income Up 42.8% Backed by Enlarged and Diversified Asset Portfolio

Hektar Asset Management Sdn. Bhd., the Manager of Hektar Real Estate Investment Trust (“Hektar REIT”) is pleased to announce the second quarter results for the financial year ending 30 June 2024 (“Q2 FY2024”), highlighting a significant improvement in financial performance driven by new revenue contribution from Kolej Yayasan Saad and effective operational management.

Sabrina Halim, Chief Operating Officer of Hektar Asset Management

In Q2 FY2024, Hektar REIT reported revenue of RM36.6 million, an increase of 34.4% compared to RM27.2 million in the preceding year’s corresponding quarter (“Q2 FY2023”) largely attributed to the rental income recognised from its newly acquired education asset, Kolej Yayasan Saad (“KYS”). Net Property Income (“NPI”) increased by 33.7% from RM15.5 million to RM20.7 million, and Net Realised Income surged by 42.8% to RM9.9 million in Q2 FY2024.

Hektar REITSummary of Financial Results for 2Q24Q2’ 2024RM’000Q2’ 2023RM’000Variance%Total Revenue36,55727,20734.4Nei Property Income (“NPI”)20,71315,42733.7Net Realised Income9,9336,95642.8

The quarter under review saw an encouraging rental reversion rate across all Hektar Malls with overall rental reversion recorded at 6.4%. On its tenancy expiry profile, a total of 28 renewals and new tenancies were secured which make up to 3.2% of the portfolio’s net lettable area. Cumulatively, a total of 62 renewals and new tenancies representing 259,676 sf of 12.7% of its retail portfolio’s net lettable area have been completed to-date with other expiring tenancies are currently in advanced negotiations stage, on track for conclusion by year-end.Supported by the strong financial performance, the Manager of Hektar REIT has declared an interim income distribution of 1.9 sen per unit for Q2 FY2024, totalling RM13.4 million. This translates to an annualised dividend yield of 6.4% based on the closing price of RM0.595 on 28 June 2024. The Income Distribution Reinvestment Plan (“IDRP”) will be applied, allowing unitholders to reinvest their dividends into new units. Unitholders are presented with this option to enhance their investments in Hektar REIT, in alignment to Hektar REIT’s capital growth and preservation objectives.As at Q2 FY2024, the overall occupancy rate at Hektar Malls was recorded at 87.2%. On the other hand, secured occupancy rate has further improved to 89.3% with tenants committed to open their doors to customers in the coming quarters. The encouraging numbers resulted from Hektar REIT’s enhance leasing strategies, continuous Asset Enhancement Initiatives (“AEI”) together with the strong retail industry outlook for the remaining half of 2024.To further extract values from its portfolio of retail assets, the Manager’s focus remains to be on Subang Parade’s overall repositioning. Urban Agenda Design Sdn Bhd was recently appointed as the lead architect for the rejuvenation project which covers Subang Parade’s interior and exterior facelifts to be implemented over three (3) years. Urban Agenda Design Sdn Bhd is an experienced party with extensive redevelopment portfolio ranging from REX KL, Semua House, The Five and Maximin Office (PJ). The management foresees improved occupancy levels, positive rental reversions, property valuation and increase in visitor traffic post-renovation works. The project is currently at the detailed design stage with the actual works on-site targeted to commence by Q1 2025.Sabrina Halim, Chief Operating Officer of Hektar Asset Management Sdn. Bhd. commented, “The positive results derived from the successful acquisition of our first non-retail asset marks a significant milestone in our diversification strategy. This strategic move not only broadens our portfolio but also enhances our resilience against market fluctuations. We believe that diversifying our asset base with high-quality, income-generating properties will provide a more stable revenue stream and reduce our dependency on retail assets alone.”She further added, “As we move forward, we are actively exploring further accretive opportunities that align with our long-term growth objectives, ensuring that we continue to deliver sustainable and attractive returns to our unitholders. Our commitment to optimising our asset portfolio and implementing prudent capital management practices will drive Hektar REIT’s growth and position us strongly in an increasingly competitive market environment.”The Manager recently announced the intention to double Hektar REIT’s portfolio size to RM3 billion by 2027. Presented by various opportunities, the Manager is carefully appraising the prospects for their financial feasibility, strength of income stream, growth potential and contribution to the portfolio’s blended returns. With a target of having a well-balanced portfolio, the Manager is focusing on its core which is underserved retail assets with value creation potential, while also eyeing for resilient assets such as education properties within the K-12 segment and light industrial properties. Meanwhile, the Manager is continuously enhancing the leasing and marketing initiatives at Hektar Malls, with pockets of minor AEIs implemented on-site to further enhance the value propositions of the shopping centres.ABOUT HEKTAR REAL ESTATE INVESTMENT TRUSTHektar Real Estate Investment Trust (“Hektar REIT”) is Malaysia’s first listed retail-focused REIT. The primary objectives of Hektar REIT are to provide unitholders with sustainable dividend income and to achieve a long-term capital appreciation of the REIT. Hektar REIT was listed on the Main Market of Bursa Malaysia Securities Berhad on 4 December 2006 and currently owns 2 million square feet of retail space in 4 states with assets valued at RM1.2 billion as at 31 December 2023. Hektar REIT is managed by Hektar Asset Management Sdn Bhd and the property manager is Hektar Property Services Sdn Bhd. Hektar REIT’s portfolio of diversified properties includes Subang Parade in Subang Jaya, Selangor; Mahkota Parade and Kolej Yayasan Saad in Melaka; Wetex Parade & Classic Hotel in Muar, Johor; Central Square in Sungai Petani, Kedah; Kulim Central in Kulim, Kedah and Segamat Central in Segamat, Johor. For more information, please visit www.HektarREIT.comFor more information or inquiries, please contact:

Hektar Asset Management Sdn BhdD1-U3-10, Solaris DutamasNo 1, Jalan Dutamas 150480 Kuala LumpurMalaysia Investor RelationsTel: +603 6205 5570Fax: +603 6205 5571Email: ir@HektarREIT.comWeb: www.HektarREIT.com

H World Group Ltd announces Q2 and Interim 2024 Financial Results

H World Group Limited (H World or the Group, NASDAQ: HTHT and HKEX: 1179.HK) announced its unaudited financial results for the second quarter (Q2 2024) and interim period ended June 30, 2024.

In the first half of the year, revenue increased by 14.1% year-over-year, with second quarter revenue growth slightly exceeding the upper limit of guidance.

H World continues to prioritize customer-centricity, continuously improving the quality of its products and services, leading the industry toward high-quality development. In the first half of 2024, the Group achieved revenue of RMB 11.4 billion (approximately USD 1.6 billion), a 14.1% increase compared to the first half of 2023. Of this, revenue from H World’s business in China(Legacy-Huazhu) was RMB 9.1 billion, a year-on-year increase of 14.3%, while revenue from Huazhu International (Legacy-DH or DH) was RMB 2.4 billion, up 13.7% year-on-year, with growth in both domestic and international revenue. In the second quarter of 2024, the Group continued to expand its hotel network, achieving revenue of RMB 6.1 billion (approximately USD 846 million), a quarter-on-quarter increase of 16.5% and a year-on-year increase of 11.2%, reaching the upper limit of the previously announced guidance of 7% to 11% growth compared to Q2 2023.

On the profitability front, in the first half of 2024, the Group generated an income from operations of RMB 2.6 billion (approximately USD 354 million), representing a year-on-year increase from RMB 2 billion in the first half of 2023. In Q2 2024, income from operations was RMB 1.6 billion (approximately USD 216 million), compared to RMB 1.4 billion in the second quarter of 2023 and RMB 1 billion in the previous quarter. In addition to the growth in both revenue and income from operations, the Group has also improved its profitability through the asset-light expansion strategy. In the first half of 2024, the Group’s operating margin (defined as income from operations as a percentage of revenue) was 22.5%, up 2 percentage points from 20.5% in the first half of 2023. In the second quarter of 2024, the operating margin was 25.6%, an increase from 25.0% in the second quarter of 2023 and 19.0% in the previous quarter, indicating continued optimization of profitability.

In the second quarter of 2024, the Group earned a net income attributable to H World Group Limited of RMB 1.1 billion (approximately USD 147 million), compared to RMB 1 billion in Q2 2023 and RMB 659 million in the previous quarter. In order to more effectively reflect the profitability of the Group’s core business, adjusted EBITDA (non-GAAP) is used as a measure. In the second quarter of 2024, the Group recorded an adjusted EBITDA (non-GAAP) of RMB 2 billion (approximately USD 280 million), compared with RMB 1.8 billion in the second quarter of 2023 and RMB 1.4 billion in the previous quarter, with both year-over-year and quarter-over-quarter growth.

Operational Efficiency Improves Quarter-over-Quarter, Strong Brand Appeal

In the second quarter of 2024, Legacy-Huazhu’s blended revenue per available room (RevPAR) for leased, owned, manachised and franchised hotels was RMB 244, with an average daily room rate (ADR) of RMB 296 and an occupancy rate (OCC) of 82.6%. In the previous quarter, these figures were RMB 216, RMB 280, and 77.2%, respectively, while in the same period last year, they were RMB 250, RMB 305, and 81.8%. In the second quarter of 2024, all three key operational indicators for Legacy-Huazhu showed quarter-on-quarter increase. Compared to the same period last year, although RevPAR saw a slight decline of 2% due to a high base from the previous year, with 567 new hotels opened in China during the second quarter of 2024 , the Group has kept a steady pace of openings while achieving a year-over-year increase of 0.7 percentage points in occupancy rate, reflecting strong market recognition and the Group’s robust brand appeal. The combination of new openings and rising occupancy rates will maintain the Group’s advantageous position in market competition.

For Legacy-DH, the blended RevPAR for leased as well as manachised and franchised hotels (excluding hotels temporarily closed) was €82, with an ADR of €120 and an OCC of 68.3%. In the previous quarter, these figures were €58, €104, and 55.8%, while in the same period last year, they were €78, €117, and 67.1%. In Q2 2024, all three key operational indicators for Legacy-DH showed improvements both quarter-over-quarter and year-over-year, with continuous progress in the Group’s overseas business and continuous enhancement of operational efficiency.

Accelerated Expansion of Hotel Network, Upgraded Full Year Hotel Opening Guidance for 2024

In terms of hotel openings, H World’s hotel network is steadily expanding. As of June 30, 2024, the Group operates a total of 10,286 hotels worldwide, with Legacy-Huazhu having 10,150 operating hotels and Legacy-DH having 136 operating hotels. H World and Legacy-Huazhu reached the remarkable milestone of 10,000 hotels in the second quarter, opening a new chapter for the group. H World has now grown from over 10,000 hotels in more than 1,000 cities to over 20,000 hotels in more than 2,000 cities, achieving high-quality expansion of its hotel network, which signifies a new starting point for its “Thousand Cities, Ten Thousand Hotels 2.0” strategy.

At the same time, Legacy-Huazhu will continue to focus on product upgrades, excellent service, and membership programs to enhance the competitive advantage of the H World and promote sustainable growth in average revenue per available room. In terms of overseas business, the group is keen to expand its global footprint and transfer Legacy-DH into a more asset-light model.

As of June 30, 2024, the Company has 3,294 hotels under development, including 3,266 for Legacy-Huazhu and 28 for Legacy-DH. Additionally, the group announced an upward revision of its guidance for hotel openings in 2024, expecting to open over 2,200 hotels, up from the previous guidance of 1,800, further expanding its hotel network.

Dividends and Buybacks Reflect Corporate Confidence; Positive Outlook for the Hotel Industry

On July 23, 2024, the board of directors of H World announced a three-year shareholder return plan effective immediately, which may distribute up to a total of $2 billion to the group’s shareholders. It also approved a five-year share repurchase plan for American Depositary Shares, effective from August 21, 2024, with a maximum total amount of $1 billion. Notably, this share repurchase plan replaces the previous plan approved and adopted on August 21, 2019, with a maximum total amount of $750 million. The increased dividend and share repurchase total reflect the group’s confidence in its long-term development.

H World is a significant player in the global hospitality industry. The main reason is that Chinese hotels have a strong industry background due to the fact that they have the world’s largest tourist population and diverse forms of tourism. According to official statistics, in the first half of 2024, the passenger volume of railway and domestic flights was 2.096 billion and 350 million, respectively, representing year-on-year growth of 18.4% and 23.5%; the Ministry of Culture and Tourism of China also reported that the number of tourists during the Labour Day Holiday has returned to a level 28% higher than that of 2019. With the follow-up publicity and promotion of cultural tourism across different regions, residents’ willingness to travel has become stronger. In terms of cross-border travel, inbound tourism is gaining popularity under the “China Travel” trend. Statistics from the National Immigration Administration of China shows that in the first half of the year, 14.635 million foreign visitors entered the country from various ports, a year-on-year increase of 152.7%; the China Tourism Academy also predicts that the number of outbound tourists will reach 130 million in 2024. Overall, consumer enthusiasm for travel is expected to continue to rise in the second half of the year, and the recovery of the macroeconomy will bring more business travel demand, indicating a promising outlook for the hotel industry.

About H World Group Limited

Originated in China, H World Group Limited is a key player in the global hotel industry. As of June 30, 2024, H World operated 10,286 hotels with 1,001,865 rooms in operation in 18 countries. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. As of June 30, 2024, H World operated 10 percent of its hotel rooms under the lease and ownership model, and 90 percent under the manachise and franchise model.

For more information, please visit H World’s website: https://ir.hworld.com.

For enquiry, please contact Intelligent Joy Limited:

Kathy Lu / Ken Wu

TEL +(852) 52413533 / (86) 15607493246

E-MAIL kathy.lu@intelligentjoy.com / ken.wu@intelligentjoy.com

Alta Partners with Australia’s Ray White Capital Enhancing Access to Private Real Estate Opportunities

Alta, Asia’s leading digital securities exchange for alternative assets, has partnered with Australia’s largest real estate group, Ray White Capital (RW Capital) to launch the firm’s offerings and broaden access to Australian Real Estate Private Credit.

“We are thrilled to partner with Ray White Capital to bring their exceptional Australian real estate private credit offerings to our platform,” said Muzahir Degani, Head of Private Capital Markets, Alta. “This collaboration aligns perfectly with our mission to democratise access to high-quality alternative assets in Asia and beyond. Alta’s global investor community will now have unprecedented access to the robust and diverse opportunities that Australian real estate private credit presents.”

Australian real estate private credit is currently Australia’s number one investment class by annual investment volume. Private credit allocations in Australia have surpassed equity investments, with $25 billion allocated in 2023 and $54 billion allocated year-to-date in 2024. The non-bank real estate market also is forecast to grow significantly, reaching over $154 billion by 2034 (Dixon, L., “The Sweet Spot in APAC Investment Strategies” at Ray White Capital, June 2024).

RW Capital has demonstrated significant growth in capital deployment for credit strategies over the period from 2021 to 2023. Since 2001, RWC has invested $4.6 billion into real estate-backed credit. More than half of that total – $2.7 billion – has been deployed since 2017. Besides private credit, RW Capital has proven expertise in investing in private equity and real estate private equity, investing across all property sectors (commercial, retail, industrial, residential, pubs/hotels) with a property first approach to transactions.

Dan White, Founder and Managing Director at RW Capital added, “We are excited to collaborate with Alta to expand the reach of our Australian real estate private credit offerings. Our partnership with Alta underscores our commitment to providing global investors with access to high-quality, diversified investment opportunities in the Australian market. Through Alta, we can now offer a more streamlined and accessible approach to investing in Australian real estate private credit.”

As private credit continues to see signals for growth, Alta’s partnerships with global investment firms like RW Capital, Hamilton Lane, Davidson Kempner Capital Management LP to provide access to opportunities across private credit and secondary markets around the world.

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta is committed to tackling the challenge of private market illiquidity with enhanced access, efficiency, and security. In acknowledgment of those efforts, Alta has recently been named as a 2024 Technology Pioneer by the World Economic Forum and the Best Alternative Asset Exchange 2024 by the UK-based business publication, Capital Finance International.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody.

Visit us on https://alta.exchange/

About Ray White Capital

RW Capital is the leading real estate private capital investment manager in Australia and New Zealand. Prior to becoming a GP in 2015, RW Capital was the family office for Ray White, the #1 real estate agency in Australasia with 12,000+ people and 1,000+ offices. Since 2015, RW Capital has realised over $2 billion of real estate private credit investments with an average IRR of 15%+ p.a. for senior debt and 25%+ p.a. in junior debt.

For media inquiries, please contact:
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

KSL Capital Partners & Soneva Resorts: A Cautionary Tale of Due Diligence

KSL Capital Partners, a prominent private equity firm boasting over 165 companies in its portfolio and managing a staggering $21 billion in assets, is known for its keen eye for exceptional businesses. With a focus on operational expertise and collaborative partnerships, one might wonder how such a powerhouse could find itself entangled in the web of controversy surrounding Soneva Resorts and its CEO, Sonu Shivdasani.

Soneva, formerly Soneva Resorts and Residences, stands as a testament to luxury hospitality, with its roots tracing back to its founding in the Maldives in 1995 by Sonu Shivdasani and his wife, Eva Malmström Shivdasani. However, beneath its lavish facade lie a series of legal battles and controversies that should have raised red flags during any thorough due diligence process.

One of the most damning revelations surrounds Soneva’s association with Ahmed Adeeb, the former Minister of Tourism in the Maldives, who is now imprisoned for corruption. In 2018, an OCCRP report shed light on Soneva’s partnership with Adeeb, exposing how the Shivdasanis obtained the island of Medhufaru, now home to their Soneva Jani resort, through a dubious no-bid contract facilitated by Adeeb. This revelation not only tarnished Soneva’s reputation but also implicated the resort in a larger scandal of corruption and embezzlement.

Furthermore, Soneva Kiri Resort in Thailand faced legal scrutiny following a devastating fire in March 2022. Investigations revealed that the resort was not constructed in compliance with safety standards, leading to charges against Sonu Shivdasani and other executives for negligence and endangerment. Shockingly, it was reported that the villa where the fire originated had never been inspected for fire safety, highlighting a blatant disregard for regulations. Sonu was even summoned for questioning by the Thai criminal authorities, but he refused to appear.

In yet another lawsuit, Sonu Shivdasani was accused of orchestrating a fraudulent scheme to deceive investors into purchasing properties at the Soneva Kiri Resort. A Swiss individual alleged that Shivdasani failed to deliver a villa and surrounding land worth $6.2 million, leading to a legal battle that spanned multiple jurisdictions. This case not only exposed the dark underbelly of Soneva’s business practices but also raised questions about the due diligence process undertaken by investors like KSL Capital Partners.

So, how could a firm like KSL, renowned for its operational expertise and rigorous due diligence, be blindsided by the controversies surrounding Soneva and Sonu Shivdasani. The answer lies in a failure to dig deep enough into the company’s history and practices.

While KSL’s operational perspective undoubtedly provides valuable insights into the hospitality industry, it appears that their due diligence process fell short in assessing the ethical and legal implications of partnering with Soneva. A more comprehensive investigation should have raised concerns about Soneva’s opaque dealings with corrupt officials, its disregard for safety standards, and its alleged involvement in fraudulent schemes.

Moving forward, KSL and other investors must adopt a more holistic approach to due diligence, one that goes beyond financial metrics to scrutinize the integrity and ethical standards of potential partners. This may involve conducting thorough background checks, engaging independent auditors to assess compliance with regulations, and scrutinizing past legal disputes for any red flags.

Also, investors must prioritize transparency and accountability in their partnerships, ensuring that their portfolio companies adhere to the highest standards of ethics and governance. By learning from the cautionary tale of Soneva, KSL and others can mitigate the risks of being hoodwinked into investing in companies with questionable practices, safeguarding both their reputations and their bottom lines.

About KSL

KSL’s unmatched 30-year track record investing exclusively in Travel & Leisure drives our ability to identify and execute on investments. We bring our operator-first mindset, first-hand experience and commitment to responsible stewardship to partner with best-in-class management teams designed to achieve exceptional outcomes. For more information, visit https://www.kslcapital.com/. Media Contact:

Archie Knowles
Support@P2Markets.com
Source: P2Markets.Com

The Executive Centre Celebrates 30 Years as Asia’s Leading Premium Flexible Workspace Provider

TEC has delivered three decades of pioneering innovative, premium workspace solutions
Unwavering dedication to exceptional service and client-centric offerings
Poised for continued growth as an industry leader and trusted partner for Members

The Executive Centre (TEC), the leading premium flexible workspace provider serving over 48,000 Members across 36 cities in Asia-Pacific and the Middle East, is proud to celebrate its 30th anniversary this year. Over the past three decades, the company has firmly established itself as a trusted partner for businesses of all sizes, delivering world-class facilities, unparalleled service, innovation, and quality.

“We are profoundly honored to reach this remarkable milestone and to have played an integral role in supporting the growth and prosperity of countless enterprises across the region,” remarked Paul Salnikow, Founder and CEO of The Executive Centre. “Our 30-year journey has been defined by our unwavering focus on giving clients the essential tools, resources, and bespoke support they require to thrive in a fast-changing and complex business landscape. We are proud to have worked with many of the world’s leading companies, with 83% of our client portfolio being MNCs and the balance being high net worth SMEs.”

Since its inception as a startup in 1994, The Executive Centre has grown to become one of the largest flexible workspace providers in Asia-Pacific, boasting an expansive portfolio of over 200 locations, generating USD 315 million in revenue, driven by an annual compounded growth rate of 18%.

To celebrate its 30th anniversary, The Executive Centre will host a series of events and activities throughout the year, including client appreciation gatherings, thought leadership forums, and community outreach initiatives. The company has also launched an upgrade to its MyTEC app, further strengthening its best-in-class offerings and additional services to enhance Members’ experiences and mark this auspicious occasion.

As The Executive Centre celebrates three decades of excellence, the company remains well-positioned to maintain its leadership in the premium workspace sector. TEC is committed to providing top-of-the-line services and facilities to its global Members, while looking towards the future with a clear vision for continued expansion and success.

About The Executive Centre
The Executive Centre (TEC) is Asia’s premium flexible workspace provider, opened its doors in Hong Kong in 1994 and today boasts over 200+ Centres in 36 cities and 16 markets. It is the third largest serviced office business in Asia.

The Executive Centre caters to ambitious professionals and industry leaders looking for more than just an office space – they are looking for a place for their organisation to thrive. TEC has cultivated an environment designed for success with a global network spanning Greater China, Southeast Asia, North Asia, South Asia, the Middle East, and Australia, with sights to go further and grow faster. Each Executive Centre offers a prestigious address with the advanced infrastructure to pre-empt, meet, and exceed the needs of its Members. Walking with Members through every milestone and achievement, The Executive Centre empowers ambitious professionals and organisations to succeed.

Privately owned and headquartered in Hong Kong, TEC provides first class Private and Shared Workspaces, Business Concierge Services, and Meeting & Events facilities to suit any business’ needs.

www.executivecentre.com

Press Enquiries
FGS Global
Kitty Lam
Kitty.Lam@fgsglobal.com / +852 6306 8851

The Executive Centre
Pebble Lee
Pebble_lee@executivecentre.com / +852 3951 9888

2024 PropertyGuru Asia Property Awards (Greater Niseko) to honour Japan’s premier resort market

The 2024 edition of the PropertyGuru Asia Property Awards (Greater Niseko) is now accepting entries across a broad range of categories that aims to elevate the standards of development and design in Japan’s alpine real estate markets.

Submissions from eligible entrants from the Greater Niseko region are being accepted via asiapropertyawards.com until 13 September 2024.

People’s Choice Awards return for 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty

PropertyGuru Group (NYSE:PGRU), Southeast Asia’s leading property technology company, is delighted to present the return of the highly anticipated People’s Choice Awards as part of the 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty 2024.

Voting for the People’s Choice Awards is now open until 14th July 2024

The People’s Choice Awards are special honours conferred upon Malaysia’s distinguished development companies based on their project quality, brand reputation, and consumer satisfaction. These categories are entirely voted for by consumers and audited by a third-party supervisor.

The first 500 voters will have the chance to win a prize voucher. Vote now via: https://peopleschoiceawards.asia/malaysia/vote/

This year’s voting runs from 1 July to 14 July 2024, offering property seekers the opportunity to make their voices heard and vote for their favourite and trusted developers. Only residents based in Malaysia are eligible to cast their vote.

Voting for the People’s Choice Awards 2024 is now open via: https://peopleschoiceawards.asia/malaysia/vote/

By participating in the People’s Choice Awards at the 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty 2024, voters take part in Malaysia’s leading real estate awards programme.

The People’s Choice Awards are in addition to the competitive categories of the PropertyGuru Asia Awards Malaysia in partnership with iProperty. The black-tie gala dinner and presentation ceremony will be held on 25 October 2024 at The St. Regis Kuala Lumpur.

Key dates of the 2024 edition:
1-14 July 2024 – People’s Choice Awards voting period
15-17 July 2024 – Live Judging Days
25 October 2024 – Gala Dinner and Awards Ceremony in Kuala Lumpur, Malaysia

Empowering consumers

Kenneth Soh, country manager for Malaysia at PropertyGuru Group, said: “We are excited to present the latest edition of the People’s Choice Awards, an initiative empowering you, our esteemed consumers, to identify and recognise developers who have distinguished themselves in the property sector. By participating in the voting process, you assert your preferences and incentivise Malaysian developers to prioritise the best interests of consumers. The feedback from property seekers is crucial, and these awards honour those who successfully build spaces for the greater good of the community.”

Introduced in 2014, the People’s Choice Awards have been integrated into the PropertyGuru Asia Property Awards programme since PropertyGuru Malaysia and iProperty, the country’s two leading property portals, set a new single benchmark for excellence in real estate in 2022.

To maintain the integrity of the voting process, the results are independently verified by the official balloting partner, HLB Ler Lum Chew, a member of the “2024 Network of the Year” winner HLB International, the esteemed global network of independent professional accounting firms and business advisers.

Fair, credible, transparent judging

An 18-member, professional judging panel will provide their fair, credible, transparent perspectives on the entries to the PropertyGuru Asia Awards Malaysia in partnership with iProperty. The judges, comprising experts in real estate and various fields, will take part in the Live Judging Days from 15 July to 17 July 2024 to recognise the best developers, developments, and designs in 105 award categories.

HLB Ler Lum Chew is also entrusted with overseeing the entire judging process and ensuring that it is conducted with integrity and transparency.

The PropertyGuru Asia Awards Malaysia in partnership with iProperty are part of the regional PropertyGuru Asia Property Awards series, which marks its 19th year in 2024. The series covers key markets across the region, spanning Southeast Asia, East Asia, South Asia, and Oceania, with exclusive gala dinners and awards ceremonies that represent the most anticipated property events of the year.

Top winners in Malaysia in the competitive categories will get the chance to compete with their peers abroad for the coveted titles of “Best in Asia” at the 19th PropertyGuru Asia Property Awards Grand Final, which will be presented on 13 December 2024 in Bangkok.

Organised by PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company, the 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty are supported by official portal partners PropertyGuru.com.my and iProperty.com.my; official ESG knowledge partners GreenRE and Malaysia Green Building Council; official magazine Property Report by PropertyGuru; media partners Kopi & Property, Marketing In Asia, Niaga Times, Penang Property Talk, The Grid Asia, The Malaysia Voice, and Top 10 Malaysia; and official supervisor HLB.

For more information, email awards@propertyguru.com or visit the official website: asiapropertyawards.com.

ABOUT PROPERTYGURU ASIA PROPERTY AWARDS

PropertyGuru’s Asia Property Awards, established in 2005, are the region’s most exclusive and prestigious real estate awards programme. The Asia Property Awards are recognised as the ultimate hallmark of excellence in the Asian property sector. Boasting an independent panel of industry experts and trusted supervisors, the Awards have an unparalleled reputation for being credible, ethical, fair, and transparent.

In 2024, the Awards series is open to key property markets around the region. The exciting gala events welcome senior industry leaders and top media, as well as reach property agents and consumers via live streaming. Recognising excellence within each Asian market with a variety of categories, including green and sustainable development, each local awards programme will culminate in the PropertyGuru Asia Property Awards Grand Final, which takes place after the PropertyGuru Asia Real Estate Summit during ‘PropertyGuru Week’ in December 2024.

For more information, please visit AsiaPropertyAwards.com

ABOUT PROPERTYGURU GROUP

PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 34 million property seekers2 to connect with almost 55,000 agents monthly3 to find their dream home. PropertyGuru empowers property seekers with more than 2.8 million real estate listings4, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand, and Vietnam.

PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 16 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn

(1) Based on SimilarWeb data between July 2023 and December 2023.
(2) Based on Google Analytics data between July 2023 and December 2023.
(3) Based on data between October 2023 and December 2023.
(4) Based on data between October 2023 and December 2023.

PROPERTYGURU CONTACTS:

General Enquiries:
Richard Allan Aquino, Head of Brand & Marketing Services
M: +66 92 954 4154
E: allan@propertyguru.com

Sales & Nominations:
June Fong, Events Director & Head of Awards (Malaysia)
M: +6019-319 0127
E: june.fong@iproperty.com.my

Media & Partnerships:
Nate Dacua, Senior Manager, Media & Marketing Services
M: +66 92 701 2519
E: nate@propertyguru.com

Singapore-based Elite Partners Capital acquires Automotive Giant’s Global Logistics Center in close proximity to Stuttgart, Germany

Elite Partners Capital announced its latest logistics acquisition in close proximity to Stuttgart, the automotive capital of Germany.

The large-scale multi-user logistics park located within Ettlingen West’s Industrial Zone boasts outstanding transportation infrastructure, including direct connections to the A5, A8 and A65 motorways, access to the Port of Karlsruhe – a major inland port along the Rhine waterway, as well as proximity to major international airports in Frankfurt and Stuttgart. The logistics park is also well-served by local buses and the suburban railway network, ensuring availability of a skilled workforce for warehouses and offices located in and around the property.

Spanning across a large site of c.180,000 sqm, the logistics park is in excellent condition and offers great third-party reusability by virtue of its contiguous but highly flexible layout. Leveraging on its strategic location in close proximity to Stuttgart, over 85% of the property’s net lettable area is currently tenanted to an automotive giant on a long lease, serving as their global logistics center. Elite Partners Capital will be working closely with the tenant to further enhance the property’s ESG specifications over the upcoming years. Post-enhancement, the property is expected to attain DGNB Gold Certification. The logistics park’s remaining lettable areas are tenanted to a good mix of innovative engineering businesses, supporting the region’s next-gen industrial growth.

Elite Partners Capital acquired the logistics park through its flagship Elite Logistics Fund II, a Pan-European logistics fund backed by a sovereign wealth fund alongside a strong network of family offices across Asia. Elite had previously divested the first installment of its Logistic Fund Series (Elite Logistics Fund I) to Blackstone in 2021, achieving an attractive IRR of over 30%.

“We have been closely monitoring the logistics market across Pan-European cities, targeting quality assets with strong tenant covenants and compelling value-add opportunities”, said Victor Song, co-founder and chief executive officer of Elite Partners Capital. “The stabilizing interest rates presents a strategic window of opportunity for our investors to re-enter the market,” added Song.

The asset was sold by a joint venture between TPG Angelo Gordon and aam2core Holdings AG. The landmark transaction was brokered by CBRE’s Capital Markets team in Germany. Taylor Wessing, Alvarez and Marsal and TA Europe were the appointed advisers for Elite Partners Capital in this transaction. Their invaluable practical and commercial insight were crucial in ensuring the successful closure of the deal.

About Elite Partners Capital

Elite Partners Capital is an alternative investment manager specializing in niche opportunities and underserved markets. The firm is headquartered in Singapore, with offices in London, Prague, and Luxembourg. To date, the firm has managed assets in excess of S$2 billion across 7 countries, a 420% increase from where it started in 2017.

For Media Enquiries, Please Contact:
Orphelia Huang
AVP, Investor Relations
orpheliahuang@elitepartnerscapital.com

High-resolutions images can be downloaded here.

Hong Kong’s Construction Industry to Maintain Stable Growth in 2024

Hong Kong’s construction industry is set for stable growth in 2024 as the economy continues to recover in the aftermath of COVID-19, according to the latest Hong Kong market intelligence report from global professional services company, Turner & Townsend.

The report highlights a robust pipeline of key public and private sector projects focusing on housing, public infrastructure, and investments into technology, such as the anticipated railway projects designed to enhance connectivity and transport options for travel and freight within the Greater Bay Area (GBA).

Hong Kong’s GDP is forecast to grow between 2.5 to 3.5 percent in 2024, following a 3.2 percent increase in 2023. Due to an expected dip in private sector construction activity and spending on public projects this year, Hong Kong’s construction industry tender prices are predicted to rise by 2.0 percent in 2024, compared to 4.0 percent in 2023, 3.0 percent in 2022, and 5.0 percent in 2021.

A stronger Hong Kong dollar and reduced demand for materials from Mainland China are expected to lower material costs this year. The price of galvanised mild steel plates dropped by 18.3 percent from December 2022 to December 2023, while sand decreased by 4.1 percent, and aggregates by 8.3 percent. High tensile steel bars saw a 7.3 percent decrease, while Portland cement had a slight increase of 0.9 percent, and sawn hardwood costs remained unchanged.

Fluctuating material costs continue to pose a challenge for Hong Kong’s construction industry this year as the existing shortage of skilled workers, rising labour costs and high construction costs continue to hamper growth.

The Hong Kong government is committed to land and housing developments, with a target to provide 440,000 housing units by 2033-34, with a 70:30 split between public and private housing.

The report acknowledges the government’s positive 2024-25 budget policy, demonstrating a commitment to long-term investment in the construction industry. Capital works expenditure is projected to reach up to HK$90bn, focusing on enhancing infrastructure connectivity within the GBA through projects like the ‘GBA on the Rail’ initiative.

Technology remains a prime focus, with investments in the Hong Kong Microelectronics Research and Development Institute (HKMSRDI) and the Cyberport 5 project. The establishment of a steering committee by the Development Bureau (DEVB) to enhance the use of Modular Integrated Construction (MiC) and evaluation of investment in the MiC supply chain is also expected to boost innovation and productivity in the construction industry.

These initiatives, alongside recommendations from the Digital Economy Development Committee (DEDC) aim to fast-track growth in the IT sector, adding 79,000 square metres of gross floor area to existing technology infrastructure.

Daniel Cheung, Director, Strategic Lead, Hong Kong & Macau, at Turner & Townsend, said: “The focus on the construction industry as a key pillar of Hong Kong’s growth continues, underscored by ongoing government commitment. The Budget focused on infrastructure spending reaffirms the government’s growth ambitions. With key projects reprioritised and newer funding models being deployed, especially with the Northern Metropolis project and transport infrastructure expansion, the government’s ability to enable higher efficiency and cost-consciousness in project delivery becomes imperative.

Overall, the construction market has moved towards a steady, yet cautious growth outlook given current macro-economic factors. As Hong Kong’s construction projects become larger and more complex, financial prudence and effective programme management becomes increasingly important in assessing and executing the most appropriate project delivery model to achieve planned project outcomes on time, secure procurement savings, and deliver lasting value to businesses and Hong Kong’s fast-evolving built environment.”

About Turner & Townsend
Turner & Townsend is a global professional services company with over 10,000 people in 48 countries. Collaborating with our clients across real estate, infrastructure and natural resources sectors, we specialise in major programmes, programme management, cost and commercial management, net zero and digital solutions.

We are majority-owned by CBRE Group, Inc., the world’s largest commercial real estate services and investment firm, with our partners holding a significant minority interest. Turner & Townsend and CBRE work together to provide clients with the premier programme, project and cost management offering in markets around the world.

We are passionate about making the difference, transforming performance for a green, inclusive and productive world.www.turnerandtownsend.com

Notes to Editors
The full report can is available on the Turner & Townsend website: https://www.turnerandtownsend.com/en/perspectives/hong-kong-market-intelligence-strategising-for-growth-and-economic-resilience/?utm_source=pr&utm_medium=media&utm_campaign=mi&utm_content=hkmi_1

For more information, please contact:
Dalvinder Jeet Kaur
PRecious Communications
Email: dalvinder@preciouscomms.com
Tel: +65 86978371

Southeast Asia’s Most Advanced Luxury Postpartum Centre Re’Joy Suites Opens in Singapore

RECOVER | RESET | REJUVENATE | REJOICE
An enchanting abode where comfort and rejuvenation coalesce.

Re’Joy Suites (Re’Joy), Southeast Asia’s most advanced postpartum centre providing advanced care for mothers immediately after childbirth with a blend of Traditional Chinese Medicine (TCM) and modern healthcare in a luxury spa and hotel setting in Singapore, has been unveiled by the Joyre Group (Joyre or the Group).

With a built-up area of over 30,000 sqft (2787 sqm) and 30 rooms, the centre offers several world firsts dedicated to providing the highest level of ‘confinement’ care that resonates TCM philosophy with modern innovation such as acupuncture and moxibustion administered by robots and enabled with artificial intelligence.

Occupying three four-storey buildings at 3 Croucher Road, Re’Joy is within a 20-minutes’ drive to eight local hospitals, ensuring that mother and child can receive specialised care immediately after delivery.

New mums often experience post-partum symptoms during the first few weeks after childbirth. These ‘baby blues’ can include feelings of anxiety and mood swings, crying spells and sleep disorders, which can sometimes result in depression.

Asian mothers have for millennia practised ‘confinement’ to recuperate, often with a diet that includes TCM herbs and prescriptions. These traditions have persisted even with the advance of modern healthcare, leading to a gap in the market – identified by Joy’Re – to combine East and West in a bespoke setting. Mothers can recover “sitting in” or “lying in”, depending on different cultures and ethnic origins, between 21 to 100 days.

The Joy’Re facility also offers an all-round wellness experience, including tailored yoga sessions for postpartum recovery, hyperbaric oxygen therapy, postnatal and lactation massages, and sound bathing. Mothers can also enjoy classes for yoga, dance, and water exercise, and participate in social activities such as arts & crafts, mahjong, knitting and karaoke.

Each suite is meticulously designed with functionality, ensuring every mother’s comfort without compromising on style. Each room is fitted with a customised bathtub designed for TCM herbal medical post-natal baths and pull-out beds for guests.

Babies are cared for in dedicated nursery rooms with an oxygen delivery system, while parents can access a 24/7 live video feed from the suites. Additional services include baby massages, an immune therapy program as well as DNA and gut health testing for parents to better understand their child’s health and genetic make up.

Re’Joy offers three tiers of packages – Deluxe, Premium, and Platinum packages. Packages begin with a minimum stay of 28 days with customers having the flexibility to choose a stay period that fits their personal and medical needs.

Deluxe package customers will enjoy the comfort and style of Re’Joy’s Deluxe suites, each spanning an impressive 301 sqft (28 sqm), while the Premium or Platinum customers will stay in the 398 sqft (37 sqm) Premium suites, which feature additional amenities and space. The Platinum package offers the most comprehensive array of services and luxuries, ensuring the highest level of care and convenience.

Mothers will also enjoy up to five meals per day, prepared by in-house chefs. The meals are carefully curated by nutritionists and TCM practitioners, ensuring meals are delicious while supporting the recovery needs of postpartum mothers.

Re’Joy Suites marks Joyre Group’s inaugural venture into the postpartum confinement centre industry, building upon Joyre’s 19 years of expertise in providing premium spa treatments combined with TCM principles. The Group plans to expand Re’Joy’s portfolio of services to cover pre-natal care, as well as drop-off child care services.

Founded in 2005, Joyre is Singapore’s largest health, beauty and wellness Group with 14 brands and over 40 outlets islandwide offering spa services, medical aesthetic clinics, as well as healthcare and skincare product manufacturing and distribution. The Group has over 600 staff worldwide, 500 of which are in Singapore and the rest spread across Malaysia, Indonesia, China, the U.S., and Japan.

Ms Queenie Yang Rong, the founder of Joyre Group and Re’Joy Suites said “Joyre Group is excited to offer Re’Joy Suites as a fresh yet carefully curated luxury option for Asian mothers. Our dedicated facility is ready to provide the highest level of service, relieving our customers of the heavy demands of newborn care and allowing them to embrace the joys of their new family.”

“We intend to use Singapore as a springboard for our brand of postnatal care by leveraging our deep-rooted expertise in spa and wellness services to offer holistic healthcare and to set a new standard in the confinement centre industry.”

For more information about Re’Joy Suites, please visit https://rejoy.sg/about-us/ or contact

Re’Joy Suites
3 Croucher Road
Singapore 359566

Email: info@rejoy.sg
Facebook: rejoysuites
Instagram: rejoysuites
Website: www.rejoy.sg

About Re’Joy Suites
Re’Joy Suites is a luxury postpartum centre that combines the wisdom of the East with modern medical knowledge to provide personalised postnatal care through a holistic regime approach for mothers and their babies. Re’Joy Suites Confinement Center is operated by a team of dedicated healthcare and postpartum care professionals and offers the full suite of services including the care of medical doctors, trained nurses, lactation specialists, TCM physicians, specially curated meals, postpartum body treatments and aesthetic treatments.

About Joyre Group
Joyre Group is an internationally trusted and trailblazing brand in holistic well-being built on the foundation of science and TCM, leveraging highly professional services, quality products and technological innovations to meet the lifetime needs of a wide spectrum of consumers. We are the pioneer and leader in integrating Traditional Chinese Medicine with modern spa treatments and beauty aesthetics services to deliver total wellness to all while adopting a suite of Advanced Biomedical Technology. At Joyre, we believe beauty is cultivated from the inside to the outside. Our personalised treatments are designed to match everyone’s body constitution and lifestyle to bring about a sense of balance and total wellness. Our finesse as an institution has garnered us several awards over the years.