Bangkok--10 Oct--MasterMind Communications
MFC is set to offer investment units in MFC Amazing A-la Andaman Property Fund (M-AAA), its first property fund of this year with a size of THB 2.12bn, investing in the freehold right in Phi Phi Island Village Beach Resort & Spa. The luxury hotel comprises of 112 keys and extensive facilities situated on a stunning 167-rai site in its own cove boasting a 710m private beach. MFC expressed confidence in the hotel’s performance due to the hotel’s exceedingly rare attributes, being the highest rated hotel in one of the world’s top 10 tourist destinations. The units are expected to be offered for subscription during October 12-21, at the minimum subscription amount of THB 1,000.
Ms Prapa Puranachote, President of MFC Asset Management Public Company Limited, revealed its company’s plan to offer investment units in MFC Amazing A-la Andaman Property Fund, or M-AAA, which will make a freehold investment in the land, buildings and equipment of Phi Phi Island Village Beach Resort & Spa, the leading resort on Phi Phi Island, Krabi Province. Ms Prapa stated that the exceptional twenty year track record that the hotel holds, including an average of 85% occupancy over the past 5 years, distinguishes this asset from its competitors. Its pristine cove facing towards Phuket coupled the large mountainous shoulders gives the hotel a unique natural protection against Tsunamis, the same natural protection that allowed the hotel to recover in just 3 months after the Tsunami of 2004.
Apart from the hotel’s own natural attributes, the Phi Phi Islands as a whole is known for its secluded islands, scuba diving and snorkeling. Make famous by the film The Beach starring Leonardo Di Caprio, the Phi Phi islands is very much an internationalized market with top visitors coming from Australia, Eastern Europe, Japan, Russia and China. With such a diverse clientele, the Phi Phi Islands is well diversified as a tourist destination.
Mr Tommy Taechaubol, MFC’s Executive Vice President of Business Development Division — Property & Infrastructure Funds, expressed confidence in the structure as the fund will be receiving a fixed income through a 15 year lease agreement with the original owner’s Phi Phi Village Asset Management Company Limited. The long leaseback arrangement ensures that investors will get a fixed return and hedging against any cyclical issues that may arise. The rental agreement also allows for income increases every three years, and 6 months security protection on the leased amount for the entire period of the contract.
He claimed that the ultimate manager of the property, Outrigger Enterprises Group, which has signed a 15 year Hotel Management Agreement with Phi Phi Village Asset Management Company Limited, is a highly experienced group and a world leader in the management of resort-styled properties. The Hawaii based company has had over 60 years of experience as a hotelier, and made its debut in Thailand in 2009 by taking over management of the Outrigger Laguna Phuket. The hotelier has not been subtle about its bullish views on Thai tourism and as opened its Asia Pacific Headquaters in Phuket. Outrigger Phi Phi Islands Beach Resort and Spa will be the company’s second hotel deal of the year following its management contract with Outrigger Samui. Outrigger Enterprises Group currently managers over 45 properties with over 11,000 keys in the Southeast Asia, including Hawaii, Australia, Fiji, Guam, Bali, China, Vietnam, Thailand, etc.
Investors who are interested in this fund can obtain more information and a prospectus from MFC by contact at number 0-2649-2000 to Investment Planner Department (# 2) or its contact centre(# 0), MFC’s Chaeng Watthana Branch at number 0-2835-3055-57 or website, www.mfcfund.com .
- Investment contains certain risk. Investors should study information before making an investment decision.
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