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Posted: 17 Sep 2012 | 6:00 am
Thailand's publically listed firm BTS has announced the sale through a affiliate of a massive 455 rai greenfield development site in Phuket Thailand.
According to a filing with the Stock Exchange of Thailand (SET) Bangkok Mass Transit System Public Co., Ltd. with its major shareholder BTS divested its shareholding in the Kamala Beach Resort Co., which owns the land parcel.
The buyer's name has not been disclosed, except that it is a Thai company. The transaction was valuedat THB1.64 billion which equates to approximately THB3.6 million a rai.
BTS had previously planned to develop the site which has both a property division under and hospitality group U Hotels.
A portion of the site includes a prime beachfront portion on the Northern side of Kamala Beach and large inland piece near to the Swissotel (formerly Courtyard by Marriott). Next door to the ocean fronting side is the new Novotel which is moving towards completion.
Industry sources are viewing the transaction with interest given the high potential for both upscale hotel and residential property development on the land.
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