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TA Enterprise Bhd buying Phuket property

Apr 27, 2012
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TA Global Bhd, the property unit of TA Enterprise Bhd, has agreed to acquire Kingdom Hotel Investments' Movenpick Karon Beach Resort in Phuket, Thailand for RM276.93 million.

The company said the 20.46-acre freehold property comprises 30 beachfront two-bedroom apartments, 163 suites and villas as well as a four-star hotel with 175 guestrooms.

It explained that the acquisition will boost the company's existing portfolio of hospitality properties in Thailand and further improve its hospitality operations in key cities around the globe.

Moreover, TA Global added that the strategic acquisition will generate a steady revenue stream and increase contribution from the hospitality arm of the firm.

Separately, Sydney's Little Bay Cove, which was developed through a partnership between TA Global Berhad and Charter Hall, had witnessed brisk sales, with 90 percent of the apartments in the multi-family units called Solis already taken up.

The A$600 million (RM1.9 billion) Little Bay Cove is Sydney's newest coastal residential community. Upon completion, it will comprise over 500 houses, most of which are facing the panoramic coast.

The property is sited within a beachside community, around 14 km southeast of Sydney's CBD alongside the eastern suburbs' stunning shoreline.

Little Bay Cove's Solis section comprises 45 apartment units designed by Fox Johnston Architects. Houses offered include one-bedroom units, one-bedroom plus study apartments and two-bedroom residences, with prices starting from A$480,000 (RM1.58 million).

Kimmy Khoo Poh Kim, Executive Director at TA Global Berhad, said that the company believes that the Little Bay Cove has long-term potential.

"Little Bay Cove delivers affordable and varied housing to an area of Sydney that is steadily undergoing a transformation into what we see as a desirable, residential area," she added.