#Hemaraj gets island land for Thai #integrated resort project
Leading industrial-estate developer Hemaraj Land and Development has acquired land on Koh Lan, an island off Pattaya, to create an integrated resort, entertainment and leisure complex.
The total cost of the project has not been calculated yet as it is in a very initial stage, with its master plan being worked out in terms of partnerships and other details. The company said it would be a unique mega-project for the area, with a shopping centre and other facilities such as a yacht club.
Hemaraj announced yesterday that it had acquired 228.15 rai (36.5 hectares) of land on Koh Lan, whose name translates as Million Island; the development is called Million Island Pattaya.
David Nardone, president and chief executive officer of Hemaraj, said the Million Island Pattaya project would be developed in phases with several partners.
"With increased industrialisation and residential needs in the Eastern Seaboard, hotel, entertainment and convention venues are limited. The acquisition of 228 rai, though large, is a fraction of the cost of resort, hotel or entertainment developments in Bangkok or Pattaya seafront locations. This provides the opportunity for a controlled-environment integrated resort and entertainment real-estate development, much like our experience in industrial-estate master planning and development."
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