VCI Global’s Real Estate Arm Acquires Impiana Private Villas Kata Noi in Phuket, Thailand
January 24 2024 - 7:00AM
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
business, technology, and marketing consultancy. Our dedicated team
of consultants possesses extensive expertise in capital markets,
investor/public relations, marketing, real estate, and technology
consultancy, ensuring the fulfilment and surpassing of clients'
requirements and objectives. Our commitment to excellence ensures
that our valued clients receive not only expert advice, but a
comprehensive partnership aimed at achieving their business goals
and staying ahead in today's competitive business environment.
For more information on the Company, please log on to
https://v-capital.co/.
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business, the completion of the offering, the
satisfaction of customary closing conditions related to the
offering, the intended use of proceeds from the offering, and other
statements that are not historical facts, including statements
which may be accompanied by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential” or similar
words. Actual results could differ materially from those described
in these forward-looking statements due to certain factors,
including without limitation, market and other conditions, the
Company’s ability to achieve profitable operations, customer
acceptance of new products, the effects of the spread of
Coronavirus (COVID-19) and future measures taken by authorities in
the countries wherein the Company has supply chain partners, the
demand for the Company’s products and the Company’s customers’
economic condition, the impact of competitive products and pricing,
successfully managing and, general economic conditions and other
risk factors detailed in the Company’s filings with the SEC. The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company does not
undertake any responsibility to update the forward-looking
statements in this release, except in accordance with applicable
law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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