Business
VCI Global’s Real Estate Arm Acquires Impiana Private Villas Kata Noi in Phuket, Thailand
KUALA LUMPUR, Malaysia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- V Capital Real Estate Sdn Bhd, the real estate arm and a subsidiary of VCI Global Limited (NASDAQ:
About this update from Vci Global Limited
[{"type":"text","content":"KUALA LUMPUR, Malaysia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- V Capital Real Estate Sdn Bhd, the real estate arm and a subsidiary of VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”), today announced that it has executed an agreement with Haad Sai Ngen Co. Ltd. for the acquisition of leasing rights for land, including Impiana Private Villas Kata Noi, Phuket, and its associated assets. Upon VCI Global’s acquisition of the leasing rights for an approximately 2,902 square meters land area in Karon Sub-District, Muang Phuket District, Phuket Province, Thailand, the Company secures Impiana Private Villas Kata Noi, Phuket along with all its associated assets. Impiana Private Villas Kata Noi comprises 11 villas, covering 1,085 square meters, occupying less than 40% of its land area. This presents a promising opportunity for potential future expansion. The World Bank has projected a rise in Thailand’s economic growth from 2.5% in 2023 to 3.2% in 2024, fuelled by recovery in tourism, goods export, and sustained private consumption. Thailand aims to expand its Visa-Free program, including visitors from India and Taiwan alongside China and Kazakhstan, with the expectation of foreign tourist arrivals reaching 35.6 million in 2024. As of October 2023, tourist arrivals totalled 22.2 million. Among these, arrivals from Malaysia, Russia, South Korea, and India reached 79-109% of pre-pandemic levels. The noteworthy construction of Thailand’s inaugural seaplane terminal at Phuket International Airport is poised to significantly benefit Phuket’s tourism, addressing the escalating demand for coastal tourism, and thereby fostering growth in both the tourism and hospitality sectors. Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global said, “Thailand’s hospitality industry is expected to reach USD$19 billion by 2028, giving a 5-year compound average growth rate of almost 30%. Aligned with our strategy to explore opportunities in the Southeast Asia hospitality sector, we consider the acquisition of Impiana Private Villas Kata Noi a strategic investment. We anticipate further prospects in hospitality, fostering growth of our subsidiary, V Capital Real Estate Sdn Bhd.” About VCI Global Limited VCI Global Limited has established itself as a world-class multi-disciplinary consultancy group in the areas of busin...