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Maldives Herathera Island Resort contract goes to Thailand property developer

01-07-2011 01:34 PM CET | Industry, Real Estate & Construction

Press release from: Ocean Villas Group Pte. Ltd.

Herathera Island Resort contract goes to Thailand property developer

Herathera Island Resort contract goes to Thailand property developer

Herathera Island, Maldives: News has just emerged that the Thai residential property developer, Amari Estates Company, has won the lease management contract for Herathera Island Resort in the south Maldives.

The four star resort is surrounded by a lagoon and has long, white, sandy beaches. It is the only resort on the island of Herathera and guests arrive via a twenty minute speedboat ride from Gan International Airport in the Madives.

Company president and chief executive officer Yuthachai Charanachitt said refurbishing and rebranding the resort would cost over 100 million baht (US $3.31 million) but he refused to reveal the bid price until the company signs an official agreement on January 15th 2011.

"Turnover is expected to exceed ten billion baht (US$331.4 million), from an estimate of about one billion baht (US$33.1 million) currently. We are a mixed-used property developer, including hotels, condominiums, and fully furnished serviced apartments,” commented Yuthachai.

The Herathera Island Resort forms part of Amari Estates’ expansion plans in Asia. Future projects include the development of a three star, two hundred room hotel, under the Ozo brand name, in Koh Samui, Thailand.

The resort, worth six hundred million baht (US$19.8 million), is due to start construction next year with completion scheduled for 2012.

This year, Amari Estates will invest in three other properties in Thailand with a total project value of almost 5 billion baht (US$166 million); Oriental Residence in Bangkok, Amari Residences Hua Hin and Amari Hua Hin.

Article source: http://blog.oceanvillasgroup.com/maldives-herathera-island-resort-contract-goes-to-thailand-property-developer/

Author:

Rebecca Smith

Ocean Villas Group

http://www.oceanvillasgroup.com
http://blog.oceanvillasgroup.com

Ocean Villas Group are specialists in lifestyle and investment property worldwide and are committed to supporting investors in both the emerging and established property markets across the globe. We have an extensive range of property throughout the world which enables us to satisfy the goals of the most demanding investment portfolios.

With over three decades of experience in property investment and development worldwide and an after-sales service second to none, our focus is on providing quality, choice and the highest returns on investment without wasting your time.

Ocean Villas Group

http://www.oceanvillasgroup.com
http://blog.oceanvillasgroup.com

Level 31,
6 Battery Road,
Raffles Place,
049909,
Singapore

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