Macau concessionaire SJM Resorts has revealed plans to acquire nine levels of office space in neighboring Hengqin with the intention of converting it into a three-star hotel.
The company said overnight that its wholly-owned subsidiary SJM Resorts S.A. has inked a Memorandum of Understanding with Zhuhai Hengqin Shun Tak Property Development Company Limited – a subsidiary of Shun Tak Holdings Limited – to acquire the office properties, which are located at Xin De Kou An Shang Wu Zhong Xin in Hengqin New District.
Xin De Kou An Shang Wu Zhong Xin, it added, is strategically located at the entrance of Hengqin Port and is the intersection of the Guangzhou-Zhuhai Intercity Railway and the Macao Light Rapid Transit Interchange station, allowing it to benefit from high foot traffic and amenities such as a 43,000 square meter retail mall, apartments, offices and hotels.
The proposed acquisition, at a cost of RMB 546 million (US$75 million) covers floors 21 to 29 of the building or 14,845 square meters of floor space.
“Capitalizing on a policy introduced by the In-depth Cooperation Zone in July 2024, which permits the conversion of commercial buildings into hotels, the property is intended to be transformed into a 3-star hotel, thereby diversifying SJM Resorts’ hotel portfolio while also contributing to the advancement of the tourism industry within the In-depth Cooperation Zone,” SJM said.
Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, added, “As we celebrate the 25th Anniversary of Macau’s return to the Motherland, we are pleased to sign this Memorandum of Understanding, which aligns with the Central Government’s supportive policies for Macau. 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 broaden the Group’s customer base and play a key role in advancing the development of the Macau-Hengqin tourism sector.”
The acquisition follows a raft of key policy adjustments introduced in recent months with the intention of aiding cross-border business and tourism cooperation between Macau and Hengqin, including a multiple-entry visa policy for tour groups and a similar policy for permanent residents and residence permit holders of the In-depth Cooperation Zone announced late November.
The Hengqin line of the Macau Light Rail Transit also opened earlier this month.
SJM noted that its proposed Hengqin property is a short five-minute walk from Hengqin Port which is in turn a 10-minute drive from its Grand Lisboa Palace Resort in Cotai.
“The Property will be transformed into a three-star hotel, with a focus on operational efficiency and cost-effectiveness, while enhancing the diversity of SJM Resorts’ hotel portfolio and broadening its reach into the mass market,” the company explained.
“Leveraging the prestigious Lisboa brand, this development will provide visitors with more diverse accommodation options.”
