Jungceylon work to restart “by April’

PHUKET: The transfer of Manit Udomkunnatum’s 53% share in Phuket Square Co Ltd – the company that owns Jungceylon – to Rattanakamchai Co will take place on March 28, after which construction of the Patong mall will restart, the Gazette has learned.

After the transfer, Rattanakamchai will pass the shares to Real Estate Capital Asia Partners (Recap), a US-registered investment fund that recently rescued the project from a seemingly insoluble dispute between K. Manit and Tanit Rattanakamchai, Managing Director of Rattanakamchai Co.

The amount Recap paid for its 53% share of the project remains a closely guarded secret.

The transfers of shares will take place at the Phuket Provincial Commercial Office, a Jungceylon source told the Gazette, confirming that contractor Power Line will most likely go back on site by April, with the mall opening by November.

“Construction has not restarted yet,” the source said, “but it is certain that once the transfer of shares has been effected, [Jungceylon] will open on time.”