When considering investing in condos in Singapore, it is important to take into account the government’s property cooling measures. In order to promote a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Although these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. For more information on available condo projects in Singapore, visit Singapore Projects.
Hotel Properties Ltd (HPL) is expanding its presence in the global market with the potential acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This would be HPL’s first venture in New Zealand and its second InterContinental hotel purchase, with its first being InterContinental Maldives Maamunagau Resort. The off-market transaction, brokered by JLL’s Asia Pacific Hotels & Hospitality Group, represents the largest single hotel asset sale ever in New Zealand. JLL advised on behalf of New Zealand’s Precinct Properties.
The proposed acquisition of the InterContinental Auckland marks a significant milestone for HPL, as the hotel group continues to expand its luxury hospitality portfolio in key markets across the Asia Pacific region. This move is driven by HPL’s experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts.
According to Stephen Lau, chairman of HPL Hotels and Resorts, the InterContinental Auckland is a highly desirable asset and a rare opportunity for the group to acquire its first premium property in New Zealand. The hotel is conveniently located near the NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. With stunning views of the Waitematā Harbour, the hotel’s 139 rooms offer a luxurious experience for guests.
Moreover, the property has the potential to expand to 190 rooms by repurposing the current office space, providing ample room for future growth. This strategic acquisition adds to HPL’s impressive portfolio, which includes The Boathouse Tioman in Malaysia and The Four Seasons Hotel Osaka in Japan, launched last year.
Despite HPL’s FY2024 earnings declining by 95.1% year-on-year to $27.2 million, the group remains optimistic about its future prospects in the hospitality industry. With a strong focus on expanding its global footprint, the acquisition of InterContinental Auckland is a testament to HPL’s commitment to providing unparalleled luxury accommodation to guests in key markets around the world.