Bangkok--22 Jun--Aquarius Estate
- Construction work is in progress and is expected to complete in October 2007
- Since the low raised holiday condominium was introduced, 60% has been sold
Aquarius Estate Company Limited, the owner of Casavela, a unique holiday low-raised condominium in Samui, Surat Thani, has hired General Engineering Plc, a listed company, to handle construction work for the project and the construction firm has started its construction work since May 2006 and has expected to complete by October 2007.
According to Yongyutt Chaipromprasith, Chief Executive Officer of Aquarius Estate, the company agreed to hire GEN to construct Casavela because of its recent professional outcomes as well as its financial strength encouraging GEN to handle the construction work smoothly and accurately with high quality work in its previous projects.
Casavela is developed by Aquarius Estate, a wholly-Thai owned professional property developer to invest in Samui Island. The project is comprised by only 32 units, ranging 10-20 million per unit, with total investment budget of 400 million baht on six rai at Laem Sett, and it has been well accepted with current sales of 60%.
“This is because Samui Island is one of the world tourist attractions in Thailand, equal to Phuket. Samui is considered as Island Living, especially by Europe and Australia. Hotels in the island have average occupancy rate between 75 — 85% while property price there is not too expensive comparing to Phuket. Our unique project is expected to generate rate of investment return of 8 — 10% encouraging us to be confident that Casavela will be successful,” said Mr. Yongyutt.
Mr. Yongyutt added that Casavela would focus to foreign management as well as high earner income Thai businessmen who need to invest in their owned holiday accommodation which generated revenue at the same time.
Meanwhile, Vichaya Chatikavanij, GEN President, noted that it was considered as a great opportunity for GEN to enter into Samui through its partner, Aquarius Estate, as the firm might be able to expand its business there in the future.
The two firms recently signed the construction work deal encouraging GEN to realize its revenue of 150 million baht. Since the beginning of the year, GEN has generated revenue of 50 million baht from construction business and it hopes by the end of the year, the construction business will contribute around 500 million baht revenue to GEN while its main business of construction materials will reach one billion baht.
“Our partner like Aquarius Estate is confident on us because of our recent construction works in various projects. We are rich of construction experience and we also control production for materials encouraging our partners to be sure the construction quality,” said Mr. Vichaya.
Further information, please contact Virat Threeranurat
Tel. 04 119 7799
Fax 02 815 8158
Email [email protected]