 |
 |
 |
 |
 |
 |
 |
||||||||
B5.8bn plan in Bang Saray
Bangkok Post
The property developer Pacific Shore Co yesterday launched the first phase of a long-term lease residential complex worth 5.8 billion baht on Bang Saray beach in Chon Buri.
The 88-rai first phase of the Beaches Destination Resort & Spa includes two hotel condominiums with 300 units each worth a total of two billion baht, a 450-room hotel worth three billion baht and an 800-million-baht water theme park. Construction would start in mid-2008 and be completed in 2012.
Chief executive officer Liakat Sultan Dhanji said the company was scheduled to open pre-sales for 90-year-lease units next month and expected to close sales within one month. The units are sized between 30 and 120 square metres and priced between 4.9 million and 17 million baht. The company expect 80% of its customers would be Thais.
Pacific Shore, registered in the British Virgin Islands, has registered capital of 306 million baht. Bangkok Bank is its main infrastructure creditor but it would lend money on condition that the company sells half of the total units. It would invest in the construction of the buildings in which about 70% of all investors are foreigners.
The Board of Investment (BoI) has approved long-term land rights for the company but the exact duration was not revealed.
Mr Dhanji, a former executive of Golden Land, said the project would employ 20,000 people in construction and 1,500 employees would be hired to work in the condominiums and the hotel.
He expects a return on investment between 14% and 17% per year, adding that the company should break even within seven years.
Pacific Shore Development plans three phases worth a combined 20 billion baht but details of the other two phases would depend on feedback from the first phase.
