The Swiss-based Company Plans to Open New Properties in Bangkok, Chiang Mai and Koh Samui and Operate Five Hotels in the Country by 2014 Movenpick Hotels & Resorts announced today plans for three new properties in Bangkok, Chiang Mai and Koh Samui during the next three years, signalling a solid period of strategic Asian expansion for the Swiss-based operator.
Onyx turns focus to serviced apartments Segment viewed as industry growth driver Onyx Hospitality Group, formerly known as Amari Hotels and Resorts, is focusing on serviced apartments as part of its plan to expand its service line and become Asia‘s leading hospitality provider by 2018. The group yesterday launched its first serviced apartment worth 800 million baht, Amari Residences Bangkok. The 128-room property, located on Phetchaburi Road near Bangkok Hospital, was developed by Amari Estates, the group’s development arm.
Asian Development Bank finances solar power projects in Thailand The Asian Development Bank Tuesday signed a loan agreement for 140 million dollars to the Bangchak Petroleum Company to build two solar power plants in Thailand. Bangchak, a partly state-owned oil refinery and petrol retailer, has already started construction on 8-megawatt and 30-megawatt solar plants in Ayuthaya province to be completed next year.
Centara Signs Centra Hotel in Patong, Phuket Centara Hotels & Resorts has signed a management contract for the first property under its new Centra brand. The Centra Ashlee Hotel Patong, in Phuket, is scheduled to open end-2010 and brings the total number of properties under Centara management in Phuket to six.
Demand for luxury real estate in popular far east tourist destinations such as Phuket and Koh Samui is increasing and experts are upbeat on the medium and long term outlook for the region. Property firms are reporting a recovery of purchasing power affecting the luxury residential markets in Bangkok as well as resort destinations and projects that were on hold are now moving forward. For example, the Met at Sathon, which suspended sales two years ago, has seen a resurgence of demand for luxury residences and has opened… Read more »
Thai SEC OKs Establishment Of Real Estate Investment Trust Funds Thailand‘s Securities and Exchange Commission said Monday that it has approved in principle a plan to allow the establishment of real estate investment trust funds. A Reit fund will be more flexible than existing property funds as it can invest in any kind of property, the regulator said in a statement. The fund can borrow loans equivalent to up to 50% of its net asset value, compared with the 10% cap for existing property funds, it said. The… Read more »
A survey conducted by the Agency for Real Estate Affairs has revealed a rise of 4.4% for average land prices in Greater Bangkok from last year. The most expensive land plots are located near the Siam, Chidlom, and Phloen Chit BTS stations, costing THB1.2m per square wah (THB480m/rai equivalent to USD 40.4m/acre).
Four-car trains to ease congestion SET-listed BTS Group, the operator of the Bangkok SkyTrain, has signed a 50-million (2-billion-baht) deal with Siemens of Germany to supply one car to each of its 35 three-car trains. Chief operating officer Surapong Laoha-Uny said the deliveries of the new carriages were scheduled over the next 30 months to serve the expected growing demand on the Sukhumvit route following the opening of the On Nut-Baring extension in mid-August 2011.
The mixed use Spinnaker development in Pattaya which was to have a separate hotel and residential components has now been integrated into a single 42 story complex. A new plan sees the 115 apartments and 260 room merged into one high rise. Individual purchasers can enter a rental pool arrange for the property which is planned to open in 2013. Other developments for the Moevenpick group include next year’s openings at Samui’s Mae Nam beach and re-branding of the well known Suriwongse Hotel in Chiang Mai which is… Read more »