Singapore-based property arm Invictus Developments, owned by the Karim family, is investing A$29.8 million to convert an office building in Sydney into a 152-room hotel. This marks the fourth property acquisition in Australia for Invictus in the past two years, bringing their total investment in the country to A$223.1 million. The vision is to reach a $1 billion property portfolio by 2028, focusing on the hospitality sector across Singapore, Australia, Japan, and the UK.
With plans to start internal works in February 2024 pending approval, Invictus aims to complete the construction within 20 months. In light of the strong tourism sector in Australia, particularly in Sydney and Brisbane, Invictus is optimistic about the future prospects of the hotel. Chayadi, the principal of Invictus, highlighted the steady recovery of international arrivals and robust domestic tourism numbers post-Covid-19, with January seeing a 32% increase in tourist arrivals compared to the previous year.
Apart from their investments in Australia, Invictus is also making progress in Singapore with the development of the 143-room Standard Hotel near the Orchard Road shopping belt. Set to open in July, this project is part of Invictus’ broader strategy to expand its presence in key markets. Bachtiar Karim’s family, who owns Invictus Developments, has a strong business background with their involvement in Musim Mas, a major palm oil company in Indonesia. Bachtiar was ranked No. 15 on Forbes Asia’s Indonesia’s 50 Richest list with a $3.9 billion fortune.
In an interview with Forbes Asia, Chayadi expressed confidence in achieving their target of a $1 billion property portfolio within the next five years. He emphasized the importance of continuously seeking out valuable assets to integrate into their portfolio, while also considering opportunities to reallocate resources into core strategies. This proactive approach to asset management aligns with Invictus’ long-term growth objectives and commitment to delivering value for their investors.
The ongoing development of the York Street building in Sydney is a strategic move by Invictus to capitalize on the favorable market conditions in Australia’s tourism sector. By repurposing the office building into a hotel, Invictus aims to cater to the growing demand for accommodation in key Australian cities, leveraging their expertise in the hospitality industry. With a strong track record of successful investments in the region, Invictus is well-positioned to capitalize on emerging opportunities and drive further growth in their property portfolio.
As the construction timeline for the hotel project progresses, Invictus remains focused on delivering high-quality hospitality offerings that meet the evolving needs of travelers. The company’s commitment to excellence, combined with their expertise in property development, positions them as a key player in the Australian hospitality market. With a diversified portfolio spanning multiple countries, Invictus is poised for continued success in the years to come as they execute their strategic vision of growth and expansion in the property sector.
