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| ASIA NEWS |
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| Shop,
dine & play at marina bay |
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Singapore’s
first single largest integrated development at Marina Bay,
Marina Bay Financial Centre (MBFC), has unveiled details of
its upcoming shopping mall – Marina Bay Link Mall. With
a total 176,000sq ft of retail space, the mall will host a
distinct blend of lifestyle brands, gastronomic indulgence
and convenient services to cater to the savvy and sophisticated
who work and live in Singapore’s new business and financial
district (CBD) at the Marina Bay waterfront.
Phase One of Marina Bay Link Mall, which comprises 93,800sq
ft spread across the Subterranean, Ground Plaza and ground
floors of MBFC Towers One and Two, is expected to achieve
TOP in 2Q 2010. Business commencement is targeted in 4Q 2010.
Phase Two, comprising 82,200 sq ft and spread over three floors
at MBFC Tower Three, is expected to achieve TOP status in
2Q 2012.
Details of the mall were announced to the media at a briefing
on 27 October, along with the unveiling of the Mall’s
logo. Also present at the event was Mark Goh, Deputy Director
of Marina Bay Development Agency, a unit of the Urban Redevelopment
Authority which oversees the development of Marina Bay.
CEO Wilson Kwong of Raffles Quay Asset Management –
asset manager for MBFC – said: “Marina Bay Link
Mall will be a strong complement to the residential and commercial
towers within the upcoming integrated Marina Bay Financial
Centre development, the existing CBD at Raffles Place and
Shenton Way as well as cater to future commercial developments
in the larger Marina Bay.”
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| Westin
Melbourne sale wins Deal of the Year awardK |
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sale of the Westin Melbourne has been named the ‘Deal
of the Year in Mergers & Acquisitions’ at the 20th
annual Hotel Investment Conference Asia Pacific (HICAP) in
Hong Kong.
CBRE Hotels negotiated the AU$160M sale of the 262-room hotel
to the Malaysian listed TA Enterprise Bhd on behalf of a consortium
of industry super funds, including Cbus.
This significant cross-border transaction was one of a number
of regional acquisitions by TA Enterprises. Other finalists
in the M&A category were Thai Chaereon Corporation’s
(TCC) acquisition of the 592-room Crowne Plaza Kobe in Japan
from Morgan Stanley, and Rajawali Group of Indonesia’s
acquisition of the 329-room Surfer’s Paradise Marriott
Resort and Spa from the Commonwealth Property Hotel Fund.
The sale of the Westin Melbourne was negotiated by George
Nicholas and Scott Callow, of CBRE Hotels.
Settled in early 2009, the sale represents the largest hotel
investment deal in Australia year-to-date.
“The strong collaboration between our Melbourne, Sydney
and Singapore offices allowed us to maximise the price and
finalise a deal at a time when few major investment sales
were occurring throughout Australia,” said Nicholas.
“By utilising our extensive hotel contacts in Australia
and our offshore network of offices we were able to target
the broadest range of potential buyers and conclude a sale
within 12 weeks of the property being officially listed for
sale.”
Candidates for the HICAP Deal of the Year Awards were nominated
and selected by the HICAP Program Planning Committee. The
leading nominations were then voted on by the estimated 700
delegates attending the conference, Asia’s largest and
longest running hotel investment conference.
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| Pantaloon’s
non-retail restructure |
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Following
a meeting of the Board of Directors on 30 October, Pantaloon
Retail, India’s largest retailer by market value, has
stated that it will restructure its stakes in its non-retail
ventures such as financial services, brands and education, and
set up a separate company for Big Bazaar and Food Bazaar, unlocking
value for its shareholders whilst focusing on its core retailing
operations in the country.
Favourable market and competitive dynamics have opened up opportunities
for the company to accelerate its retail business growth and
market leadership.
Kishore Biyani, Managing Director, Pantaloon Retail (India)
Ltd said: “In the last few years, the company had forayed
into allied businesses in the consumption sector with a view
to strengthen the retail business as well as leverage on new
opportunities that the Indian economy provides. In order to
unlock more value for the shareholders, the management had proposed
to independently govern and build these businesses, while retaining
the character of Pantaloon Retail as a pure retail play, focusing
on retail businesses.”
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| Indonesian
retail upbeat about 2010 |
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Already
resigned to the possibility of zero-growth in sales this year,
Indonesian retailers expect a quick recovery next year to return
to double-digit growth as an improving economy bolsters people’s
purchasing power, says The Association of Indonesian Retailers
(Aprindo). According to a report in The Jakarta Post, the Association
believes that 2010 will be see a big improvement as the economy
will probably not be affected by negative impacts of the global
economic downturn, which hit industry sales this year.
“The retail sector has been affected the longest among
other sectors. The global crisis is like a chain where we stand
at the end of the line,” Aprindo Executive Director Tutum
Rahanta was quoted as saying.
Aprindo groups together more than 100 modern retail companies,
including the country’s biggest retail chains such as
European giant Carrefour, Hero and Matahari.
It is estimated that Indonesia’s economy will have expanded
by 4.3 per cent in 2009, slower than the 6.1 per cent in 2008.
But the economy is predicted to grow at full-swing during 2010
on the back of partial recovery in the world’s major economies.
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Hall Hey Road, Rawtenstall BB4 6HH UK
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