Superior King Room, Stamford Plaza Auckland
OPERATIONS REVIEW
than 2 percentage points due to prudent cost
management.
• The first phase of the refurbishment has been
completed and the second phase is scheduled to
begin in FY2017. In addition, plans are underway to
increase the Grand Bar’s outdoor seating capacity.
• These upgrading programmes, once completed,
will reinforce SGA’s position as the only 5-star
hotel in Glenelg.
AUCKLAND
Stamford Plaza Auckland (“SPAK”)
• SPAK recorded a stellar performance for FY2016
with RevPAR growth of 34%, following the
timely completion of a NZ$7.9 million room
refurbishment. GOP reached a new record, with
a YOY improvement of 30%.
• With international visitors hitting new highs
and no new supply expected in FY2017, the
hotel is well positioned to continue its strong
performance with its refreshed room stock.
• Plans are also in progress to upgrade guest lifts
and refresh SPAK’s conferencing and banqueting
facilities. When all upgrading is completed,
overall guest experience will be enhanced and
SPAK’s position as the choice hotel in Auckland
will be strengthened.
PROPERTY DEVELOPMENT
• Property development segment revenue declined
56% in FY2016 on absence of a one-off divestment
of Dulwich Hill.
• This, despite the Group having sold the three
remaining units at The Stamford Residences &
The Reynell Terraces, including a penthouse that
fetched a record selling price.
• Four more units at The Stamford Residences
Auckland were sold and ongoing marketing
efforts continue for the remaining seven units.
• Last year, it was reported that some 142 units at
MacquariePark Villagewere under reconsideration
as development application approval for a portion
of the carparks was not granted. Most owners
have retained their units, given the significant
increase in valuation since launch.
• The Group has applied for an additional 60
apartments to be added to the Melbourne Tower,
bringing the total number of apartments within
the development to over 700 units.
• Construction for Macquarie Park Village is ahead of
schedule. TheGroup is hopeful of early completion
for some units in 1H2017. The remaining project is
scheduled to complete in 2018.
PROPERTY INVESTMENT
• The Group made a significant fair value write-
down of S$23.4 million for Dynon’s Plaza, owing
to the depressed Perth market. There is, however,
a four-year tenancy remaining and the property
will continue to post stable rental income.
23
ANNUAL REPORT 2015/2016
