The office property will be transformed into a three-star hotel.<\/p>\n\n\n\n\n\n\n\n
Macau.- SJM Holdings<\/strong> has announced that SJM Resorts<\/strong> has signed a Memorandum of Understanding (MoU) with Zhuhai Hengqin Shun Tak Property Development Company, a wholly-owned subsidiary of Shun Tak Holdings, to acquire property at Xin De Kou An Shang Wu Zhong Xin, in Hengqin New District<\/strong>, for RMB546m (US$75.1m). <\/p>\n\n\n\n The property totals 14,845 square meters and includes nine levels of office space and a retail unit. The company plans to develop a 3-star hotel, which would help diversify its hotel portfolio while “contributing to the advancement of the tourism industry in the In-depth Cooperation Zone.”<\/p>\n\n\n\n Daisy Ho<\/strong>, chairman of SJM Holdings and managing director of SJM Resorts, said: “As we celebrate the 25th Anniversary of Macau\u2019s return to the Motherland, we are pleased to sign this Memorandum of Understanding, which aligns with the Central Government\u2019s supportive policies for Macau.<\/p>\n\n\n\n “By leveraging the synergies between Macau and Hengqin, we aim to create conditions for the diversified development of Macau’s industries and contribute to its integration into the national development agenda. The proposed acquisition is strategically situated at a prime location, next to the 24-hour Hengqin Port, and in close proximity to our existing hotel portfolio in Macau. It will help 2 broaden the Group\u2019s customer base and play a key role in advancing the development of the Macau-Hengqin tourism sector.”<\/p>\n\n\n\n Earlier this month, authorities in Hengqin announced that five vacant buildings had met the criteria for conversion into hotels. Su Kun<\/strong>, deputy director of the Guangdong-Macau In-depth Cooperation Zone executive committee, said over ten applications for hotel conversions had been submitted but only five were approved. Among the operators involved are\u00a0H World Group Limited<\/strong> and Hilton Hotels & Resorts<\/strong>.<\/p>\n\n\n\n