Connect with us

Phuket

Royal Phuket Marina goes on the market

Legacy Phuket Gazette

Published

 on 

PHUKET: Royal Phuket Marina (RPM), one of Phuket’s largest marina and lifestyle developments, is up for sale, the company announced this morning.

Following serious interest from an international buyer, RPM Chairman Gulu Lalvani has decided to officially put the development on the market, the company announced. As exclusive adviser to the proposed sale, JLL Hotels & Hospitality Group will handle the sale through an ‘expression of interest’ campaign closing September this year.

“Royal Phuket Marina is my passion and since opening over 10 years ago I have worked tirelessly to promote yachting in Thailand and make it a leading waterfront destination in the region. With still so much untapped potential, I am keen to find a buyer who can take RPM to the next level and realize my dream of making this property a world-class integrated lifestyle destination,” said Mr Lalvani.

The announcement follows on the heels of a Department of Special Investigations (DSI) inspection of RPM at the end of May for alleged mangrove encroachment (story here).

“At this stage, based on our aerial photography, I am standing right in the mangrove forest, according to our map and aerial information,” said DSI team leader Sakda Wichiansin while inspecting the land at the RPM.

However, RPM Managing Director Sarayuth Mallam insisted that the land was legally owned by the company.

The announcement of the sale has surprised some industry analysts, as just over a year ago RPM announced a 5 billion baht investment plan, including two hotels, a low-rise condominium development, a marina expansion and the addition of a state-of-the-art ‘children’s zone’, with the aim to position RPM as a leading destination in Asia (story here). The master plan will carry over to the new owner should one be found.

“The property offers a number of value enhancement opportunities including the development of hotels, additional residential and entertainment facilities including a proposed world-class water park. The offering also has the potential for Board of Investment privilege allowing for 100 percent foreign ownership,” said Aaron Desange, one of the JLL representatives appointed to handle the sale.

“Phuket’s tourism market has been elevating for a sustained period of time and clearly Mr Lalvani is taking the opportunity to exit his investment at a favorable time,” said Bill Barnett, managing director of hospitality consultants C9 Hotelworks.

“With the changing source markets, the RPM offering is dynamic. The potential to expand the facility with retail, commercial, and hospitality elements makes strong commercial sense. I believe we are seeing Phuket evolve into a broader attraction for foreign direct investment,” he explained.

Mr Lalvani insists that ‘nothing has changed’ and it remains business as usual at RPM for all residents, clients and stakeholders.

 

Get more from The Thaiger

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

image

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:

Pattaya6 hours ago

Man found dead, tangled in cables in Bang Lamung

Coronavirus (Covid-19)7 hours ago

Japan makes donation of another 385,000 AstraZeneca vaccines

Tourism9 hours ago

Dusit Poll: Thailand is not ready for international reopening

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!

Myanmar10 hours ago

Burmeses junta leader not invited to ASEAN summit

Thailand11 hours ago

Covid-19 Sunday: 10,863 infections, 68 deaths, provincial data

Coronavirus (Covid-19)11 hours ago

Moderna vaccine approved as a booster shot by US FDA

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)14 hours ago

Chulabhorn Royal Academy announces vaccine booster signups

Bangkok15 hours ago

Police say they know who cut the rope of dangling condo workers

Bangkok16 hours ago

MEA says electrical wires seen in Crowe tweet are not theirs

Coronavirus (Covid-19)16 hours ago

10 provinces on Ministry of Public Health Covid-19 watchlist

Krabi1 day ago

Krabi tourism businesses not thrilled about Thailand’s reopening

Coronavirus (Covid-19)1 day ago

Thammasat University negotiates multiple deals for vaccines

Bangkok1 day ago

Bangkok prepares swab hubs, rules easing for city reopening

Bangkok1 day ago

Rescue workers cut stuck PVC pipe from man’s genitals

Coronavirus (Covid-19)2 days ago

Covid-19 Saturday Update: 10,648 cases, 82 deaths, provincial data

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

Thailand9 months ago

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

Thailand9 months ago

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

Trending