Connect with us


Indonesian property giant buys 123 rai at Bang Tao

Legacy Phuket Gazette



Indonesian property giant buys 123 rai at Bang Tao | Thaiger

BANG TAO: A 123-rai plot of land next to the beach at the northern end of Bang Tao Bay has been sold by Hongkong & Shanghai Hotels (HSH) to Indonesian property giant PT Jakarta Setiabudi Internasional Tbk (JSI).

JSI bought the land through its wholly-owned subsidiary, Cayman Islands-based Durham Holdings, for just under 865 million baht – about 7 million baht a rai.

The land, which is just south of the Sirinart Marine National Park, had been owned by HSH subsidiary Siam Chaophraya Land for the past 15 years, but was never developed. That is about to change.

In an exclusive interview with the Gazette, JSI’s President-Director, Amir Abdul Rachman, confirmed that the land will be used for a hotel or resort, but that no decision has yet been been made whether to develop a luxury villa-style resort or a mass-market property.

Asked whether the land would become home to Phuket’s first Hyatt property, Mr Abdul Rachman confirmed that JSI is “very close with Hyatt”.

But, he added, “We are still considering all possibilities. We are working with world-class consultants and advisers, and [the scale of the project] will depend very much on who will be the operator. It’s too early for us to say.

“We are very keen to [be in] Phuket because we see that every time there is a problem in Bali [where JSI owns two Hyatts] the biggest beneficiary is Phuket. We have seen the pendulum always swinging this way and that way – Phuket or Bali, Phuket or Bali.”

He added that JSI looked at Phuket as long ago as 1986. “That was when we decided to develop the Grand Hyatt in Bali because we came to the conclusion that Bali was ready but Phuket was not.

“Now the infrastructure in Phuket is really there and the reality is that Phuket is only nine hours from Europe, and socially and politically Thailand is more salable.”

JSI is a major player in the Indonesian hotel and property industries. Its assets include the Grand Hyatt Bali, the Bali Hyatt, and the Hyatt Regency Yogyakarta, as well as three Mercure hotels. It also owns two large office buildings in Jakarta, two large shopping malls – one in Bali and one in Jakarta – three apartment blocks in the Indonesian capital, where it also has a considerable land bank that it is developing for housing estates.

In the year to September 30, 2005, it recorded sales and revenues equivalent to 1.7 billion baht and assets equivalent to 10.7 billion baht.

In a statement following the signing of the sale agreement, HSH explained that the funds would be used to reduce debt and as “general working capital”.

CEO Clement Kwok was quoted as saying, “The sale of the Phuket land is a further step in the company’s strategy of disposing of non-core assets that will allow us to focus our resources on developing and marketing our principal businesses and the Peninsula brand.”


Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram


Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Vietnam9 hours ago

Ho Chi Minh launches 3-stage reopening plan, international on January 1

Kanchanaburi10 hours ago

Border shacks to be demolished for aiding Burmese immigrants

Tourism10 hours ago

Tourism calls for Russia and India to be added to safe list

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Economy11 hours ago

Bank of Thailand plans real-world test of digital currency in 2022

Hua Hin12 hours ago

Hua Hin calls for delay in reopening amid Covid-19 infections

Chiang Mai12 hours ago

Chiang Mai Covid-19 infections swell ahead of reopening

Join the conversation on the Thaiger Talk forums today!
Koh Samui13 hours ago

Thailand’s bars and beach parties remain strictly closed (cough)

Coronavirus (Covid-19)14 hours ago

Covid-19 Sunday: Deaths fall to low of 56, provincial data

Tourism15 hours ago

Ministry of Foreign Affairs sings praises of Thailand Pass

Coronavirus (Covid-19)16 hours ago

Covid-19 in prison: outbreaks from overcrowding now subsiding

Coronavirus (Covid-19)16 hours ago

Covid-19 deaths receding, but still here; 1 month old baby dies

Crime1 day ago

Van packed with 39 illegal burmese workers stopped in Phichit

Vietnam1 day ago

Vietnam to test reopening starting with Phu Quoc Island

World1 day ago

Chinese law to limit homework and tutoring pressure on kids

Bangkok1 day ago

Thai man takes grandfather hostage in Bangkok standoff

Thailand1 month ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand8 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism8 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket8 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism8 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand8 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism8 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand9 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand9 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand9 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand9 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand9 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand9 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand10 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand10 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11