The construction market in Asia Pacific is forecasted by GlobalData to grow by 3.7% in real terms in 2024, having grown by 3.9% in 2023. A key growth market will be the infrastructure market, with output rising by 11.9% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Here are Asia Pacific’s five largest leisure and hospitality building construction projects that were initiated in Q4 2024, according to GlobalData’s construction projects database.
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1. Nayapul to Muktinath Cable Car
The project involves the construction of an 84.32km cable car ropeway from Nayapul to Muktinath of Mustang district in Gandaki province, Nepal.
Construction work started in Q4 2024 and is expected to be completed in Q3 2026.
The project aims to reduce congestion on the road and carbon emissions and ensure easy access to the hilltop temple through the installation of a ropeway.
2. Crown Regency Grand Paradise Resort
The project involves the construction of 588 rooms on 2.9ha of land in Central Visayas, the Philippines.
Construction work commenced in Q4 2024 and is expected to finish in Q4 2025.
3. Penang Gateway Mixed-Use Development
The project involves the construction of mixed-use development in Penang, Malaysia.
Construction work started in Q4 2024 and is forecast to complete in Q4 2027.
The project aims to better hospitality, residential and commercial facilities in the region. Buy the profile here.
4. 28 Albert Road Hotel Development
The project involves the construction of a 23-story hotel in Melbourne, Victoria, Australia.
Construction work commenced in Q4 2024 and is expected to be completed in Q4 2026.
5. Changning Cultural Tourism and Commercial Complex
The project involves the construction of a cultural and commercial complex on a 1.8ha site area with a 44,063.76m2 gross floor area (GFA) in Changning County, Baoshan Prefecture, Yunnan Province, China.
Construction work started in Q4 2024 and is expected to be completed in Q2 2027.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
