SJM Holdings (0880) announced that its subsidiary, SJM - Investment, has signed a Memorandum of Understanding with Zhuhai Hengqin Shun Tak Property Development Company, a wholly-owned subsidiary of Shun Tak Holdings, for the proposed acquisition of office properties at Xin De Kou An Shang Wu Zhong Xin in Hengqin New District.
The acquisition aims to support Macau’s economic diversification, leveraging the Hengqin Guangdong-Macao In-Depth Cooperation Zone as a strategic platform.
The property, located at the intersection of Hengqin Port, the Guangzhou-Zhuhai Intercity Railway and the Macau Light Rapid Transit station, spans floors 21 to 29 and includes nine office levels and a retail unit, totaling 14,845 square meters.
The acquisition, valued at 546 million yuan (HK$584.35 million), will see the property converted into a 3-star hotel under a new policy allowing commercial-to-hotel transformations, enhancing SJM Resorts' portfolio and advancing Hengqin's tourism industry.
Daisy Ho Chiu-fung, SJM chairman, said that the acquisition aligns with Beijing's policies to foster Macau’s integration into national development. The prime location near the 24-hour Hengqin Port and Macau hotels positions the Group to expand its customer base and contribute to the Macau-Hengqin tourism sector.
The property, within a five-minute walk from Hengqin Port and a 10-minute drive from SJM’s Grand Lisboa Palace in Cotai, will diversify visitor accommodation options under the Lisboa brand while promoting cost-effective operations.
