Richmond Asia Group Targets 20-hotel Portfolio In Malaysia By 2033
KUALA LUMPUR, Jan 12 (Bernama) -- Richmond Asia Group plans to expand its hospitality portfolio in Malaysia to 20 hotels over the next eight years.
In a statement, the developer said the expansion is supported by stronger tourism numbers, a recovery in real estate activity and rising demand driven by digital infrastructure investments.
“This aggressive roadmap reflects our profound confidence in Malaysia’s economic trajectory.
“Expansion is not about scale alone; it is about creating properties that elevate Malaysia’s standing as a world-class destination while delivering sustainable returns,” it said.
Richmond Asia Group added it sees these trends creating durable opportunities in one of Asia’s most dynamic markets.
Its chief executive officer and executive director Aaron Yap said Malaysia’s tourism and urbanisation trends are opening up long-term opportunities in hospitality and real estate.
“Making the most of them comes down to strategic developments and management that meet the needs of both local and international markets,” he said.
Richmond Asia Group also said it focuses on translating its development plans into projects that offer both appeal and long-term returns.
It said a key example is the award-winning Richmond JBCC in Johor Bahru, which houses the Hyatt Place hotel.
“By owning and directly managing Hyatt Place, we unlock recurring income and operational synergies that exceed traditional real estate yields,” it said.
Meanwhile, in October, Richmond Asia Group entered into a hotel management agreement with Spain’s largest family-owned hotel group, Barceló Hotel Group, to operate its new Richmond Estelar hotel in Kuala Lumpur.
The group said the partnership will introduce a European-style hospitality concept to the Malaysian market.
“This debut positions Richmond Estelar as a sought-after capital destination, translating exceptional experiences into enduring revenue growth,” it said.
The group also said a forthcoming addition to its asset portfolio is Richmond Mayor, which it described as an upcoming income-generating asset in Johor.
“It is an integrated mixed-use development in Mount Austin, Johor Bahru, comprising a hotel to be operated by Capri by Fraser, serviced suites, serviced residences, office suites and a curated lifestyle mall.
“The development will also incorporate planned wellness elements aimed at capturing demand from the growing wellness industry,” it said.
Additionally, Richmond Asia Group said its hospitality strategy focuses on various business arms that comprise recurring revenue beyond room rates, including hotel management, car park operations, advertising and promotions, mall management, and food and beverage operations.
“Richmond Asia Group views a hotel as a portfolio of valuable, high-yield assets working in symphony where every element is designed to create lasting value and sustainable returns.
“In line with our asset investment philosophy, our portfolio has achieved over five per cent quarterly dividends for six consecutive months while some of our asset are still under construction, underscoring steady performance and disciplined management,” it said.
For more information on Richmond Asia Group, visit www.richmondasiagroup.com.
-- BERNAMA