Project Development for Operation
Plan Year 2017
Property Development Projects for Operation Plan Year 2017
Property Development Projects of Apex continued from year 2016 in accordance to the policy and clear operation plan of the company to emphasize on developments that are in sync with the bright and booming growth of Thailand’s tourism industry, as well as provide a good return on investment for our customer-buyer of our project for both short-term and long-term. The company will select prime locations that are most suitable for Hotel and Residences projects for the sale and realization of corporate profit.
In year 2017, projects for Apex in summary are:
Mövenpick Resort & Residences
Located on the beachfront of na Jomtien, Pattaya, the land area of the project is approximately 30 rai which comprises of Hotel of 34 storeys with 264 keys, Residences of 37 storeys with 196 condominium units, and Pool Villas of 34 villas that construction has already been completed in year 2016. The company has already sold the Hotel to a hotel investor, and the remaining units of Mövenpick Residences and Pool Villas with a total value of 670 million Baht are planned to be sold and transferred within the year 2017.
Sheraton Phuket Grand Bay Resort and Grand Bay Residences
Situated on the mountain slope with beach perimeters of 650 meters at Po Bay, Phuket, the project area encompass of approximately 66 rai comprising of the Sheraton Phuket Hotel of 183 keys with an estimated value at 2,190 million Baht, and Grand Bay Residences consisting of 80 Pool Villas totaling 150 units with an estimated value at 2,000 million Baht. Construction and decoration schedule for the Residences component to be completed and ownership transferred to recognized revenue in year 2019, and the Sheraton Phuket Hotel scheduled construction and decoration completion, and opening is in the middle of year 2020, with an estimated total project value of 4,200 million Baht.
Four Points by Sheraton Pattaya Resort and Jomtien Bay Residences
Located on the beachfront of Jomtien Pattaya, this project encompasses an area of approximately 10.5 rai. It is the old Sigma Resort Hotel with 15 storeys that the company has started to develop, renovate, and decorate the Hotel building to re-launch under a new name and new hotel management which the company is under the discussion process with the hotel chain Four Points by Sheraton to manage this property. This hotel will have a total of 307 keys at an estimated value of 1,980 million Baht, renovation scheduled to complete and open for service towards the end of year 2018. The remaining vacant 4 rai the company will use to develop a high-rise condominium by the name of Jomtien Bay Residences consisting of 338 units for sale, at an estimated value of 1,850 million Baht, scheduled for construction and decoration completion approximately at the end of year 2020. Estimated total project value at 3,830 million Baht.