SJM Resorts has signed a Memorandum of Understanding (MoU) with Zhuhai Hengqin Shun Tak Property Development Company Limited, a subsidiary of Shun Tak Holdings Limited, to acquire office properties in Hengqin that will be reconverted into a new ‘Lisboa’ brand hotel.
In a statement issued by parent company SJM Holdings Limited, the gaming operator revealed this agreement pertains to the proposed RMB546 million ($75.1 million) acquisition of select office properties at the Shun Tak Business Center near the Hengqin Port to be transformed into a 3-star hotel.
The property, located on floors 21 to 29, encompasses nine levels of office space and a retail unit, totaling 14,845 square meters.
The chairman and executive director of SJM Holdings, Daisy Ho is also a director in the property’s owner Shun Tak, with her sister, Pansy Ho, being Chairman, CEO, and Director of the property and transport group founded by their father, Stanley Ho.
‘The Xin De Kou An Shang Wu Zhong Xin is strategically located near Hengqin Port and is well-connected to major transportation hubs, including the Guangzhou-Zhuhai Intercity Railway and the Macao Light Rapid Transit Interchange”, SJM added.
‘The property features high foot traffic, along with various amenities such as a retail mall, apartments, office spaces, and hotels.’
The announcement follows a policy introduced in July 2024 by Hengqin authorities that allows the conversion of commercial buildings into hotels, with five applications already approved.
‘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. Leveraging the prestigious Lisboa brand, this development will provide visitors with more diverse accommodation options’, SJM added.
Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, expressed enthusiasm about the acquisition, emphasizing its alignment with the Central Government’s supportive policies for Macau and the potential for diversified industrial development.
She highlighted the property’s prime location near Hengqin Port and its proximity to existing hotel operations, stating that it would broaden the Group’s customer base and enhance the Macau-Hengqin tourism sector.
The last years have seen the Central Government issue various policies increasing integration between Macau and the surrounding Greater Bay Area region, including the upcoming Hengqin-Macao multiple-entry visa policy for tour groups, set to take effect on January 1, 2025, and the recent launch of the Macau Light Rapid Transit Hengqin Line.
Gaming operators have referred that hotel capacity could become a significant constraint on Macau’s long-term growth, with the nearby special economic zone seen as a possible alternative to expand this capacity
As of August 2023, Hengqin has over 8,000 hotel rooms, approximately 2,000 of which are designated for business or leisure use. Reports suggest that Hengqin may increase its hotel room inventory to 100,000 in the future, although no official confirmation has been made regarding the eventual scale of hotel development on the island.
