Following its preliminary announcement in December 2024, SJM Holdings Limited announced details in a statement yesterday of its “strategic acquisition” of an office building in Hengqin that will be converted into a three-star hotel, with the total consideration for the purchase being about 724 million yuan (819 million patacas).
According to the statement, subsidiary SJM – Investment Limited entered into an agreement with Zhuhai Hengqin Shun Tak Property Development Company Limited, a wholly owned subsidiary of Shun Tak Holdings Limited, to “acquire certain office properties” at Xin De Kou An Shang Wu Zhong Xin that will be converted into a three-star hotel.
According to the website of Shun Tak Hengqin, Xin De Kou An Shang Wu Zhong Xin (“Shun Tak Port Business Centre”) “is an integrated development comprising a retail mall, office tower, prestigious hotel, and a 70-year leasehold apartment complex with a luxurious clubhouse.
“Apart from the residential apartments, all properties will be managed by Shun Tak Holdings Limited.”
Conversion and renovation are expected to be completed within 24 months, the statement said, adding that the property to be acquired consists of12 floors of strata-title* office units and a retail unit, with a total gross floor area of around 19,781 square metres.
The location is immediately adjacent to Hengqin Port (border checkpoint), with the statement also highlighting the “strategic proximity” to the group’s core tourism assets, being around a 10-minute drive from Grand Lisboa Palace (GLP) in Cotai and a 30-minute drive from Grand Lisboa Hotel in the peninsula.
The statement said that upon completion, the hotel is expected to complement the group’s portfolio through “a capital-efficient expansion into the underserved mass market segment, broaden market reach, and generate incremental revenue streams”.
SJM Holdings Limited Chairman and SJM Managing Director Daisy Ho Chiu-fung was quoted by the statement as saying that the project represents more than an expansion of the company’s hotel portfolio, i.e., a reflection of its “strong alignment with national strategies to deepen integration between Hengqin and Macau, and our firm belief in the long-term growth potential of cross-border tourism and cooperation”.
She also noted: “Through this investment, we are taking an active role in shaping the Greater Bay Area’s [GBA] tourism future, anchored by Macau’s strength as a World Centre of Tourism and Leisure.”
* The term “strata-title” refers to a form of property ownership commonly used for multi-level apartment blocks, townhouses, or commercial developments where multiple owners share ownership of a building or complex while individually owning their specific unit or lot. – DeepSeek
This photo taken earlier this year shows the property (first building from left) that will have some of its office units converted into a three-star hotel. – Photo: Tony Wong
