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Riding on the robust economic growth in China, Yoma Strategic Holdings (“YSH”) has made a strategic step in broadening the business engagement beyond Myanmar, by making its first acquisition of a prime real estate located at the heart of Dalian’s Development Area (“DDA”) located within Dalian city. The proposed acquisition was announced via the SGXNet, followed by a media briefing on 5 March 2007.
The proposed acquisition is part of the Group's strategic plans to undertake real estate projects outside of Myanmar and to launch new property developments in the near future. The move will also enable the Group to widen the geographical scope of its property development business.
On 21 December 2007, the Group's shareholders approved the proposed Winner Sight Investment Limited acquisitions and proposed issue of option shares to GCREF Acquisitions VII Limited. This has led to the Group holding a 27% stake in the Zhong Bei Building in Dalian, Liaoning Province, PRC. Zhong Bei Building, renamed as The Grand Central, is expected to be completed by end 2008. |
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| Zhong Bei Building (The Grand Central) |
Mr Serge Pun together with key management overlooking at the model of Zhong Bei Building (The Grand Central) |
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Dalian, located in China’s Liaoning Province, is known to be the gateway to the opening up of northeast China and a city where abundant investment opportunities lie. Total investment in fixed assets alone hit almost 147 billion Renminbi in 2006, a record high over the past 12 years, while that on real estate development reached over 26 billion Renminbi. The DDA is an economic area that enjoys preferential policies and new administrative system that follows international policies. This is the first of its kind approved by China’s State Council in 1984. Situated on the Dagushan Peninsula in the northeast of Liaoning, the Zone enjoys the convenience of being within 27 km from the city centre and a railway station, airport and harbour.
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Presently, the DDA is a rapidly developing area where demand for premium office space is expected to continue to rise with more foreign companies moving into the area. With this outlook in mind, demand for serviced apartments furnished with modern design for advanced living and business services will rise as the development progresses.
In anticipation of the acquisition, Zhong Bei Building has been renamed The Grand Central, comprising three elements: the office tower which is christened the YOMA INTERNATIONAL FINANCE CENTRE; the serviced apartments which is christened the SHAMA LUXE SERVICED APARTMENTS to be managed and operated by the renowned Shama Group from Hong Kong; and the shopping complex itself which will be known as GRAND CENTRAL.
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Located at the heart of the Zone, The Grand Central is a composite of two towers each 22-storey high, with a 3-storey podium and one level of basement car park. The total GFA of this project is approximately 110,000 square metres, with the Retail Podium, Office and Serviced Apartment towers taking up approximately 30%, 32% and 28% of total GFA respectively.
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Mr Serge Pun, addressing his opening speech at the Official Ground Breaking Ceremony of The Grand Central in June 2007. |
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Mr Serge Pun together with Guests at the Official Ground Breaking Ceremony |
While the office market in the DDA is stable, it also has an existing good mix of various industries, which offers good opportunity for office development. Unfortunately, there is currently no supply of international Grade A office building in the DDA to fulfill market demands. Yoma International Finance Centre, being situated in the traditional office area well supported by hotels, banks, restaurants and other service facilities, will be the DDA’s first Grade A office building to capitalize on this market opportunity.
The buoyant demand for serviced apartments presents Yoma an excellent position in this market. Shama Luxe Serviced Apartments (“Shama Luxe”) will be operated by the Shama Group, a boutique provider of serviced apartments where their forte lies in creating distinctively styled serviced apartments. Discerning professionals can now look forward to superior living environment, built with a taste of class.
With increasing foreign companies setting up offices and rising population in the DDA, Yoma is poised to capture the growth opportunities in the retail market. Current retail GFA per capita in the DDA is 1 sqm compared to 1.6 sqm in other major cities in China, representing a good potential to absorb future supply of retail space based on existing and future population. Grand Central will focus on middle and high end retail spaces that are a cut above the rest.
Once completed, The Grand Central will be an icon within the Zone, with premium serviced apartments and integrated facilities; superior offices and a lifestyle mall comprising middle to high end retail, restaurant and entertainment outlets. This property will undoubtedly be one of the prime properties in the city of Dalian.
To find out more about The Grand Central, please click here. |
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