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Yong Tai is Selling Courtyard by Marriott Melaka for MYR160 Million
Apple 99 Development Sdn Bhd, a wholly-owned subsidiary of Malaysia-based Yong Tai Berhad (“Yong Tai”), is disposing Courtyard by Marriott Melaka to Malaysia-based Southern Envoy Sdn Bhd for MYR160 million. Located 20-minute away from Melaka International Airport, the 286-key property features two food and beverage outlets, nine event spaces, an outdoor swimming pool, and a fitness centre. The proposed disposal will enable the group to repay existing bank borrowings and settle outstanding progress claims with the hotel contractor, thereby improving its gearing level.
Dash Living and BlackRock Acquired Tokyo Multi-Family Building
Hong Kong-based Dash Living and a fund managed by US-based BlackRock’s real estate business have jointly acquired an upscale multi-family property in Tokyo. The 29-key property is located in the Higashi Komagata area and is easily accessible via the Ginza and Asakusa subway lines. The newly developed property spans a gross floor area of over 12,000 square feet and offers studios, as well as one- and two-bedroom units. This acquisition marks the inaugural investment under the newly established partnership and represents Dash Living’s 15th location in Japan.
Malaysia’s Swing and Pillows Acquired Five Hotels in Kuala Lumpur
Malaysia-based coliving and hotel operator, Swing and Pillows (“SP”), has acquired five hotels in Kuala Lumpur for an undisclosed sum. The acquired hotels are located on Jalan Bukit Bintang, with three of them understood to be the 69-key Hotel Sungei Wang, the 46-key Corona Inn, and the 105-key Metropol Hotel. All five hotels will be rebranded under SP’s Kingston brand of hotels. Established in 2022, SP operates over 120 hotels and three resorts in major city centers across Malaysia.
Colife Expands to Asia Market
UAE-based Colife Vacation Homes L.L.C. Dubai (“Colife”) has announced its launch into the Hong Kong market. Colife’s entry to Hong Kong marks its first overseas expansion outside Dubai, with aims to provide 900 bed spaces and private rooms across 300 apartments in Hong Kong by 2025. Furthermore, Colife will further expand into other cities such as Bangkok, Kuala Lumpur, Abu Dhabi, and Riyadh, with aims to establish a presence in ten major cities around the world by 2028.
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