I think you are correct.From the nature of the fairly rough carving along the margins and the fact that the primary and secondary woods are all the same is a sort of give-away.
Id say it was made inSE Asia in the last century. A lot of these kinds of decorative and functional wood pieces were made in the Phillipines, and along the Malay Peninsula and marketed out of Singapore over the last century. The hinges almost look Arts and Crafts so Im only guessing that it may be as late as the 19 "teens" through just before WWII.
I dont know if Ive helped you (I assume I didnt tell you anything you didnt already know) but the fact that all the woods are the same and of a mahogany case and back boards, this is a clue that SE Asia was "home" for this . It was probably a Spanish pr Portuguese derived template and had been modified over the years by the SE Asian craftsmen who did the jointery and carving.
Even though we say much of this kind of furniture was made for the "export market" ,Im sure a certain amount was retained within the countries of origin for the upper classes to use for storing wines.
I recall seeing similar storage bars in the Phillipines at mine executive compounds.