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Phuket Property – Holiday Inn Freehold Fund

By on Nov 14, 2014 in Property News, Resorts

81-300x224The Holiday Inn Resort on Phi Phi Island, Phuket plans to launch a freehold property fund this month managed by One Asset Management.  One Asset chief executive Win Udomrachtavanich said the resort, valued at 1.72 billion baht, belonged to Chamroen Chittaratsaenee, who had been developing hotels and resorts for over 20 years.

The resort sits on 31 rai of beachfront on Koh Phi Phi and has 128 units. Its occupancy rate is 70-80%, rising to 90% during the high season.  The return of the new property fund is projected to average 7.2% to 8% over the next 15 years.

Mr Chamroen will put up a cash reserve of 70 million baht as a lease security throughout the 15 years of the lease term, with a bank guarantee for each year’s rent payment during the first six years.  The property owner also committed to reinvesting in the fund to maintain shareholding at no less than 25% for the first six years.

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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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