Valentino’s Phang Nga Bay Koh Yao Yai Land to be Auctioned

As part of its continuing liquidation program the Government's Thai Asset Management Corporation (www.tamc.or.th) has announced the sale of a number of prime land assets including a number of plots with a total area of over 1,600 rai which were recovered by the government as a result of a land scandal involving a high profile Malaysian businessman.

Borne from the 1997 financial crises the Agency was set up under Emergency Decree B.E. 2544 to handle impaired assets and transfer them from state-owned and private institutions. By the end of last year total assets under management had a value in excess of THB 75 billion.

Recently another lot in Phang Nga bay has been transacted by TAMC. Given the opening of two luxury resorts last year the Six Senses Destination Spa on Naka Yai and Six Senses Hideaway Yao Noi propelled interest in Phuket's east coast hotel market. While three new developments currently underway Jumeirah Private Island Resort, The Yamu and Taj Exotica are tapping into a geographic shift for some very large international high profile accommodation chains.