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.”
About Hemaraj
Hemaraj Land And Development Public Company Limited is Thailand’s leading developer of Industrial Estates, Utilities, Power, and Property.
Hemaraj develops six industrial estates of 31,280 rai (12,500 acres, 5,000 hectares) with automotive, petrochemical and other clusters comprising 507 distinct customers, 174 automotive customers with 267 automotive contracts, 756 Land or factory contracts, and a customer investment estimate of USD 25.0 billion.
Hemaraj developed the award winning “The Park Chidlom” Bangkok condominium with privacy, luxury, and harmony with nature.
Hemaraj received the “Excellent” (5 logos) corporate governance recognition level from Thai Institute of Directors (IOD) in 2009, 2010, and 2011.
For further information concerning Hemaraj Land And Development Public Company Limited (SET symbol Hemraj), please visit our website at www.hemaraj.com or www.theparkresidence.co.th or contact us by email at invest@hemaraj.com
Mr.
18/F UM Tower, 9 Ramkhamhaeng, Suanluang
Bangkok 10250, Thailand Tel: 662-719-9555 to 9 Fax: 662-719-9546 to 7
