Maldives Herathera Island Resort Contract Goes to Thailand Property Developer

Herathera Island, Maldives: News has come out it has been announced that Thai private property development company, Amari Estates Company, has been awarded an agreement to manage leases in the Herathera Island Resort in the south Maldives.

The resort, which is four-star, is located in an ocean and boasts the longest, white sand beaches. The resort is one of the few located on this island Herathera and guests are transported through a 20 minute speedboat journey to Gan International Airport in the Madives.

Chief executive and president of the company officer Yuthachai Chanachitt claimed that revamping and rebranding the resort will cost more than 100 million Baht (US $3.31 millions) but he would not divulge the bid amount until the company has signed an agreement in writing on January 15th, 2011.

“Turnover is expected to exceed ten billion baht (US$331.4 million), from an estimate of about one billion baht (US$33.1 million) currently. We are a mixed-used property developer, including hotels, condominiums, and fully furnished serviced apartments,” said Yuthachai.

The Herathera Island Resort forms part of Amari Estates’ expansion plans in Asia. The future plans include the construction of a 3 star two hundred room hotel with the Ozo brand name, located in Koh Samui, Thailand.

The resort, which is worth six hundred million dollars (US$19.8 million) is scheduled to begin construction in the coming year and will be completed by 2012.

The year ahead, Amari Estates will invest in three additional properties in Thailand that will total a amounting to five billion baht (US$166 millions); Oriental Residence in Bangkok Amari Residences Hua Hin and Amari Hua Hin. tembusu grand