Emerald Group says it will continue with its developments
A press conference held at Dara Hotel on Saturday afternoon (May 19) was hosted by Emeral Development Group’s Sawit ‘Mai’ Ketroj
Mr Sawit says, “News about Phuket Future Group Co.,Ltd. real estate projects, which is one of companies in Emerald Group located at Kalim Patong, has damaged us. The news has affected the Phuket real estate business and investors have lost confidence.”
“Now there are five companies in the group which have invested in condominiums and real estate in Phuket for more than 6 billion baht.”
“These companies are Kathu Golf Condo project by Emerald Development Group Co.,Ltd and The Emerald Terrace Condo Patong by Phuket Future Development Co.,Ltd which have now completed the constructions.”
Press conference by Mr Sawit Ketroj, Executive Director of The Emerald Development Group Co., Ltd.
According to the news about Emerald Group’s real estate projects, both published in Thailand medias and abroad affects so much to Phuket’s reputation. Especially in the business and tourism confidence for Phuket city.
Mr Sawit Ketroj, Executive Director of Emerald Development Group Co., Ltd. and its affiliated companies, would like to inform that “I and all Emerald Group employees are engaged in business and work with honesty to deliver the best condominium accommodation to the customers who believe in our company throughout the 8 years of our hard work.
Presently, the projects are subjected separately to 5 companies.
• 2 completed projects:
1. Kathu Golf Condo Project by Emerald Development Group Co., Ltd.
2. The Emerald Terrace Condo Phuket by Phuket Future Development Co., Ltd.
2 projects under construction
1. The Emerald – Central Project by Phuket Capital Real Estate Co., Ltd.
2. The Emerald City Life Condo Patong by Emerald Development Group Co., Ltd.
• Projects under construction and waiting for the license.
The project on land Kalim by Phuket Future Group Co., Ltd. consists of 4 sub-projects.
Emerald Nirvana 1 & 2
Nirvana Lux and
Jade Villa Project
• Project under the Preparation 5-star hotel and resort by Phuket Advanced Development Co., Ltd.
It is seen that only Phuket Future Group Co., Ltd. is in a media case, but other projects are in different parts and still operated normally. Therefore, it means that this is not a problem for all projects under Emerald Brand.
Phuket Future Group Co., Ltd. was established since 2014. Currently under construction and gradually operating. The total value of the project is 1,200 million baht, with total sales of 941 million baht or 70%. And 359 million baht was paid by the customers.
The total investment cost of the project was 117 million baht, brokerage fee was 56.60 million baht, construction cost was 110 million baht, interest and management fee was 68.34 million baht (excluding additional investment). Total tax amount of 7.61 million baht was paid regularly.
So the money from the company’s capital and sales was put to work. There is evidence that accounts can be verified. The company is now working on the application for permission in projects. The customers who are confident will receive special conditions as prescribed by the company since started the project and contract to buy and sell. The company has a legal contract properly.
The project on Kalim Beach has been developed on an area of 36 rai, divided into a sub-project Villa Villas and Residences, the company has been partially licensed. The company has been working on the construction permit. Since the construction is on sloping hills, the company has taken great care in engineering and architecture. Especially engineering work, the company most focuses on the safety causing the project to delay. And we would like to inform the main reason that causing the delay is about the amendment to the new environmental law. As a result, the project needs to be modified in accordance with the new law in the year 2017. It took each party to make changes up to 3 times each time the sales and customer relations of the company. It has contacted customers via email and other channels all the time.
All 185 current customers in the project are trustworthy customers. There are 98 customers who cancel the contract, representing 50%. The company is willing to make a repayment plan and gradually negotiate to take care of customers fully.
The current fair value of the company and subsidiaries from estimation is around 6,100 million Baht. As a result, the company is aware of the need to raise funds in various ways and continue to work on the financial plan for a 2-3 years now, there are other companies from other countries and in Thailand that interested to collaborate. It is expected that this year will be able to raise capital to make the whole business more stable. Currently the company have a proper plan for liquidity management.
Emerald Group Co., Ltd. and its subsidiaries Have confidence in business that continue the construction. All projects are completed in accordance with the plan and sufficient funding sources. We would like to assure customers and society that Phuket real estate projects are worth investing compare to other provinces. I am sure that many projects besides Emerald in various locations in Phuket are all interesting. By Emerald Group is a member of the Real Estate Association. Phuket has set up guidelines and ways to promote real estate that sold to foreigners and Thais. Because real estate is not just increasing revenue and tourism to Phuket only. But the main point is “the province that everyone want to live in” “I love Phuket”
