Banyan Tree Holdings is on an expansion campaign marked by several firsts, such as the launch of its first Banyan Tree project in Singapore — a spa at Marina Bay Sands.
“We’ve always wanted to do something in Singapore but because this is our home base, we’ve been quite selective. We’ve had offers for spa locations but (not in) a location which we felt would be an unquestionably great place to put the Banyan Tree brand,” said Executive Chairman Ho Kwon Ping, adding that the group had received solicitations to set up a spa along Orchard Road.
The 1,213 sq m spa is located on Marina Bay Sands’ 55th floor and is the local hospitality group’s Singaporean debut in one of the city’s most iconic locations.
On a similar note, Ho foresees opening a hotel in Singapore, though location will be a major factor, he said in a Business Times interview.
Even though its new 15-room spa will unlikely contribute to its revenue, Ho believes it is an important branding measure for Banyan Tree.
Aside from its fee-based business, Banyan Tree is actively exploring the possibility of launching more hotels in Singapore and at the same time, increasing its presence in China.
“We’ve always said from the very beginning that we do not want to be just a resort brand,” he said, emphasising upcoming projects in Tianjin and Shanghai.
“We’re down to a level that we’re comfortable with (in Thailand). We may sell off assets in other countries as part of our general asset rebalancing,” Ho said.
With approximately 30 resorts and hotels under its management or in which it has ownership interest, and with S$200 million in liquid assets, Banyan Tree is set to venture new territory in China.
To contact the journalist, you may send your message to editor@propertyguru.com.sg