公司新闻
Hemaraj Announces Land Acquisition for Integrated Resort Leisure and Entertainment Real Estate Development at Koh Lan Pattaya
10/05/2012
Bangkok, 10 May 2012 – Hemaraj Land And Development Public Company Limited announced the acquisition of the land at Koh Lan (Million Island) Pattaya Thailand of 228.15 Rai (91.68 acres or 365,040 square meters).
“Million Island Pattaya” now in the planning phase will be an integrated resort, entertainment, and leisure development that will serve the vast tourism and business needs of Pattaya with 8 million tourists as well as the industrial development of the Eastern Seaboard of Thailand.
The purpose of the acquisition is for Hemaraj to oversee the realization of the master plan, infrastructure, utility, and environmental planning of the integrated resort entertainment and leisure development of Million Island Pattaya. The development at maturity will provide numerous resort hotels, marina, recreation, entertainment, private beach, boutique retail, dining, and convention centre development.
For this purpose, Hemaraj formed a new company, Million Island Pattaya Company Limited with registered capital of Baht 1,750 million with 54% being paid up. Initial shareholding by Hemaraj is 80% of the shares with expected additional partners for the company and various sub-developers. Initial capital was paid in from working capital.
Commenting on the project, David Nardone, President and CEO of Hemaraj stated, “The Million Island Pattaya resort entertainment and leisure integrated project to be developed in phases with several partners will enhance the overall leisure options in Thailand’s most dynamic tourism market. In addition, with increased industrialization and residential needs in the Eastern Seaboard, hotel entertainment and convention venues are limited. The land acquisition of 228 rai, though large, is a fraction of the cost of resort, hotel, or entertainment developments in Bangkok or Pattaya sea front locations. This provides the opportunity for a controlled environment integrated resort and entertainment real estate development, much like our experience in industrial estate master planning and development.”
“Million Island Pattaya” now in the planning phase will be an integrated resort, entertainment, and leisure development that will serve the vast tourism and business needs of Pattaya with 8 million tourists as well as the industrial development of the Eastern Seaboard of Thailand.
The purpose of the acquisition is for Hemaraj to oversee the realization of the master plan, infrastructure, utility, and environmental planning of the integrated resort entertainment and leisure development of Million Island Pattaya. The development at maturity will provide numerous resort hotels, marina, recreation, entertainment, private beach, boutique retail, dining, and convention centre development.
For this purpose, Hemaraj formed a new company, Million Island Pattaya Company Limited with registered capital of Baht 1,750 million with 54% being paid up. Initial shareholding by Hemaraj is 80% of the shares with expected additional partners for the company and various sub-developers. Initial capital was paid in from working capital.
Commenting on the project, David Nardone, President and CEO of Hemaraj stated, “The Million Island Pattaya resort entertainment and leisure integrated project to be developed in phases with several partners will enhance the overall leisure options in Thailand’s most dynamic tourism market. In addition, with increased industrialization and residential needs in the Eastern Seaboard, hotel entertainment and convention venues are limited. The land acquisition of 228 rai, though large, is a fraction of the cost of resort, hotel, or entertainment developments in Bangkok or Pattaya sea front locations. This provides the opportunity for a controlled environment integrated resort and entertainment real estate development, much like our experience in industrial estate master planning and development.”