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Six Outrigger Hotels sold to Singha Estate

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Six Outrigger Hotels sold to Singha Estate | The Thaiger

Outrigger Laguna Phuket Beach Resort

Singha Estate, trading on Thailand’s stock exchange yesterday (Wednesday), has announced the successful acquisition of six properties from Outrigger Hotel and Resorts, a Hawaii-based hotel chain.

The acquisition is called at USD 310 million and part of Singha Estate’s strategic investment to expand its presence in high-yield tourist destinations around the world.

Singha Estate has bought properties in Phuket and Samui in Thailand, Fiji, Mauritius and the Maldives.

“Singha Estate’s vision aims to drive the business to become a ‘premier property development and investment holding company’ generating revenue of 20 billion baht by 2020,” said Singha Estate Public Company Limited chief executive officer Naris Cheyklin.

“We believe that this strategic investment and acquisition of Outrigger resorts in four countries will generate recurring income and further diversify the company’s profile and geographical risk,”

The media release says that Outrigger will continue to manage the six properties – Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand; Outrigger Fiji Beach Resort and Castaway Island in Fiji, Outrigger Mauritius Beach Resort in Mauritius, and Outrigger Konotta Maldives Resort in the Maldives – a total of 859 room keys.

The completion of the acquisition will raise Singha Estate’s hospitality business portfolio to a total of 4,644 room keys by the end of 2018, with 10 properties worldwide and 29 properties in some of the finest locations across the UK.

Six Outrigger Hotels sold to Singha Estate | News by The Thaiger

Maldives Resort Villas

Who are Singha Estate?

Singha Estate Public Company Limited, together with its subsidiaries, develops and invests in real estate for rental and sale in Thailand and internationally. The company also engages in the hospitality and related business. It sells land, as well as single detached houses and condominium units; offers hotel management services; and invests in properties. The company was formerly known as Rasa Property Development Public Company Limited and changed its name to Singha Estate Public Company Limited in September 2014. Singha Estate Public Company Limited was founded in 1995 and is headquartered in Bangkok, Thailand. Singha Estate Public Company Limited is a subsidiary of Boon Rawd Brewery Co., Ltd. – Bloomberg

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People

Songkhla soi dogs heading to the US

The Thaiger & The Nation

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Songkhla soi dogs heading to the US | The Thaiger

PHOTOS: Workpoint News | Thai Street Paws Rescue

5 dogs out of 29 that had been left to die in an abandoned home in Songkhla are now heading to the US to meet their new owners.

Officials from the Division of Animal Welfare and Veterinary Service and Smiledog Home volunteers report that the 29 dogs and 8 cats were abandoned at a house in Songkhla. Two representatives from Smiledog are taking care of the animals in Songkhla as their health improves and the lucky 5 dogs prepare for their long plane journey. A team of vets from Song Tale Veterinary Clinic have been providing expert medical care.

The owner of Thai Street Paws Rescue, Tamara Johnston, is an Australian teacher who teaches in Songkhla. She has played a major role in saving these animals and is the reason why 5 of them will be traveling to the US in September. She has been rescuing stray dogs and finds new owners for them without any adoption costs, except the travel fees for the animals.

Siripun Knampromwong from Smiledog Home says that the dogs have been happier since the rescue. They are playing with each other and have enough space to run around. There are still some animals available for adoption, those who are interested can contact via the Facebook page.

STORY: Workpoint News | Thai Residents

Songkhla soi dogs heading to the US | News by The Thaiger Songkhla soi dogs heading to the US | News by The Thaiger

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Property

“No stimulus for property sector” – Thai finance minister

The Thaiger & The Nation

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“No stimulus for property sector” – Thai finance minister | The Thaiger

The Finance Minister Uttama Savanayana told a seminar in Bangkok yesterday that the government’s stimulus packages were for the ‘grass roots economy’ and the property sector can cope on its own, without any government assistance.

He was speaking at a property seminar hosted by the Krungthep Turakit newspaper yesterday. He said that that the real estate sector could readily adjust to the Bank of Thailand’s loan-to-value (LTV) criteria on mortgage loans that took effect last April.

“The government’s latest economic stimulus packages are aimed at helping revive the grassroots economy, and that should in turn benefit to the property sector.”

The 316 billion baht stimulus package approved by the Cabinet on August 20 focuses on cash handouts for low-income earners and domestic travellers and extends soft loans to drought-afflicted farmers.

The upbeat finance minister also said that, once the US-China trade war is sorted out, the Thai economy will expand at a faster rate.

“The Thai economy continues to expand.”

“Regardless of what happens with the US-China trade talks, GDP growth will reach 3%, as forecast by the National Economic and Social Development Council.”

SOURCE: The Nation

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Business

Official complaint filed with the DSI over The Peaks Residences Condominium in Phuket

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Official complaint filed with the DSI over The Peaks Residences Condominium in Phuket | The Thaiger

PHOTO: Inspections at the property in March this year – Kritsada Mueanhawong

Bangkok MP Sira Jenjaka has gone ahead and filed a long list of formal complaints over The Peaks Residences Condominium project being built in the hills above Kata Noi in Phuket.

The Palang Pracharat MP has also claimed to have had death threats made against him over his investigations and accusations over the condo’s land titles and ownership in recent weeks.

The MP filed an official complaint with the Department of Special Investigation chief in Bangkok this morning.

The complaint alleges that the Karon Mayor Tawee Thongcham and the municipality “neglected their duties” by issuing permits to Kata Beach Co Ltd, the developer of the The Peaks Residences Condominium.

In February this year the Karon OrBorTor issued a construction permit for the project but in April municipal officials also sent a letter acknowledging the ongoing legal proceedings over the legitimacy of the land title, the NorSor 3 Kor Number 1863.

The complaint alleges that the project is being built on land with a NorSor 3 Kor No. 1863 land title. The complainants allege that the legal land document would have had to have been presented to obtain building permits and construction to proceed. But they claim that, as the NorSor 3 Kor for that land was under consideration by the Administrative Court, a legal building permit could not be issued.

In August 2017, the Regional Administrative Court ruled that the NorSor 3 Kor No. 1863 land title was invalid. Furthermore it determined that the land was “protected forest land”.

The DSI formally received the complaint documents this morning.

Meanwhile, the developer of The Peaks Residences Condominium, Manassanan Nararattanawee, the CEO of Kata Beach Co Ltd, maintains that the project’s paperwork is all “proper’ and that “everything is under the law”.

“Our company has already suspended construction to wait for the judgment of the Supreme Administrative Court.”

Officials from the Internal Security Operations Command inspected the property in March this year as the owners promised to ‘slow down’ construction. Read that story HERE.

Official complaint filed with the DSI over The Peaks Residences Condominium in Phuket | News by The Thaiger

Official complaint filed with the DSI over The Peaks Residences Condominium in Phuket | News by The Thaiger

PHOTO: Department of Special Investigations

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