Proximate to the growing economies in Asia, Australia - tourism infrastructure has been observed and is growing.The country is home to natural wonders and food and wine experiences that are among the best in the world. Australia is known for its transparent real estate markets. It also continues to grow in visitor numbers and trip spend. The tourism sector of the country continues to attract strong international investment interest.
Luxury Hotel in Sydney by Singapore Group
After winning the competitive tender for a 99-year lease, Singapore Pontiac’s Land Group will develop the heritage Lands and Education Department buildings. The group will convert the two historic buildings into a 240-room luxury hotel.
The refurbishment of the properties is expected to take three years, beginning in 2018. The A$35 million lease is conditional on the commitment to invest between A$250 and A$300 million on the project.
The New South Wales Department of Environment the two buildings “one of the most influential major public buildings in Australia’s colonial history.” These buildings are considered as leading examples of Sydney’s historic government “sandstones.”
The Pontiac Land Group is one of Singapore’s largest property developers. The group has a stellar record in converting and developing heritage into hotels that are then branded and managed by leading hotel chains.
Pontiac’s Managing Director, Kwee Liong Keng, stated that the company was delighted with the rare opportunity to convert the historic sandstone buildings into one of the finest luxury hotels in the world.
Thai Investment in Australia
Thailand’s Minor Hotel Group has acquired Elan Soho Suites in Darwin for A$57.1 million. It is the first deal of the group in Australia’s Northern Territory.
The hotel with 301 rooms was completed in 2014. The property was also rebranded the Oaks Elan Darwin.
Dillip Rajakarier, CEO of the Minor Hotel Group, said that the acquisition is part of the company’s business expansion strategy which focuses on making strategic investments in Australia.
He also added that the decision to purchase in Darwin was a natural progression for the company as they continue to expand their foothold in key Australian markets.
“Darwin is a unique destination with strong demand from the corporate and government sectors,’ he said. ‘We also saw a major long-term growth opportunity with Darwin’s domestic leisure market, which grew more than ten per cent over the past year,” said Rajakarier.
Investment Sydney’s Prestigious Hotels
International investors continue to find interest to the prestigious hotel development in Sydney.
Joint venture partners Singapore-based Far East Land and Hong Kong-based Sino Land successfully acquired the landmark Westin and its adjoining Heritage Retail podium for A$445.3 million.
In the earlier month, the Chinese-backed, Singapore-based Bright Ruby investment house acquired the Sydney Hilton Hotel for A$442 million.
Asian investors have thrown over A1.9 billion worth of investment into the leading prestigious Sydney hotels. Sales include the Four Seasons Hotel, acquired by the South Korean group Mirae Asset Global Investments for A$340 million; the Wentworth Hotel, acquired by the Singapore-listed Frasers Centrepoint for A$224 million; and the Sheraton on the Park acquired by the Chinese Sunshine Insurance Group for A$463 million.