Hpl Makes First Foray New Zealand Proposed Purchase Intercontinental Auckland 1385 Mil

HPL, a well-known player in the property and hotel industry, is looking to expand its global reach with the acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This will mark the first property for the group in New Zealand and its second InterContinental hotel purchase, following the acquisition of InterContinental Maldives Maamunagau Resort.

JLL’s Asia Pacific Hotels & Hospitality Group, which handled the sale by Precinct Properties in New Zealand, reports that this off-market transaction is the largest single hotel asset sale ever in the country. This move comes after HPL recently launched The Boathouse Tioman in Malaysia, featuring 31 bungalows, and The Four Seasons Hotel Osaka in Japan, with 176 rooms, last year.

Otto Place EC, a joint venture between Hoi Hup Realty and Sunway Development, has successfully secured the executive condominium (EC) site at Plantation Close with a winning bid of $423.38 million on February 14. This translates to a price of $701 per square foot per plot ratio (psf ppr). Covering a land area of 215,691 square feet and with a 99-year lease, the site will be developed into a new 560-unit EC development, aptly named Otto Place EC.

Interestingly, this is not the first time that the partnership has acquired land in the same vicinity. Last September, they also successfully acquired the adjacent 176,973 square feet Parcel A for $348.5 million, which works out to be $703 psf ppr. Both sites are strategically located near various amenities such as shopping malls like JEM and Westgate, as well as IMM. In addition, they are also in close proximity to reputable schools like ACS (Primary) and Princess Elizabeth Primary School, making it an ideal location for families and individuals alike.

With its prime location and the strong track record of its developers, Otto Place EC is set to become a highly sought-after living destination. Those interested can visit Otto Place EC’s official website to find out more information about the development.

HPL has plans to expand its luxury hospitality portfolio in key markets across the Asia Pacific region, leveraging its experienced hospitality management team and strong partnerships with operators like IHG Hotels & Resorts. “The proposed acquisition of InterContinental Auckland presents a rare opportunity for us to add a premium asset in New Zealand to our portfolio,” says Stephen Lau, chairman of HPL Hotels and Resorts. He adds that the property is conveniently connected to the vibrant NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024, and offers stunning views of the Waitematā Harbour.

While the existing hotel currently has 139 rooms, there is room for expansion up to 190 rooms by repurposing the current office space in response to future demand. HPL is confident about the potential of this property and its strategic location, and looks forward to further growth in the Asia Pacific region. This purchase marks another milestone for the group’s ongoing global expansion.