Bangkok Airways, a sub-lessee and a property manager of Samui Airport, has been granted permission from Department of Civil Aviation to increase the International Passenger Service Charge (International PSC) for Samui Airport, from Bt500 to Bt600 per ticket.

 This will impact passengers whose air tickets are issued from March 1.

 DBS Vickers Securities (Thailand) considered this increase as a positive news for Samui Airport Property Fund (SPF), the 30-year airport leasee formed in 2006 with Bangkok Airways as a principal unit holder.

 The increase in service charge will generate additional income of Bt20 per an international departing passenger whose ticket is issued from March 1 onwards to the fund. Note that international passengers accounted for 32 per cent of total passengers of 775,201 in 2009. 

 Currently, the service charge collected by Bangkok Airways is Bt300 per passenger for domestic flights and Bt500 per passenger for international flights.  SPF, however, currently gets Bt300 per all types of passengers from the airline which has to shoulder all operating expenses of the airport. 

 According to the leasehold agreement, SPF will earn 20 per cent, on the upside, if the service charge collected by the operator increases from the current rate.  This means that from March 1, SPF will receive Bt320 revenue per an international passenger.

 In 2009, the number of passengers to Samui grew 4.3 per cent on year.

Baan Taling Ngam Resort on Koh Samui, owned by the defunct Lehman Brothers (Thailand), will be offered for tender later this month.

It will be the bank’s first asset in Thailand to be sold as an open-market transaction since the giant Wall Street investment bank collapsed in late 2008.

Binswanger Brooker (Thailand), a property consultancy, has been reviewing Lehman’s local assets for the past three months as a consultant for potential investors. “[Lehman Brothers] assets that we’re looking at mainly are hotel and hospitality businesses,” said Nigel Cornick, CEO of Binswanger Brooker (Thailand).

“We have studied the opportunity for our clients to buy debt or stakes held by Lehman Brothers.”

Baan Taling Ngam Resort was one of four assets Lehman Brothers (Thailand) purchased from listed developer Natural Park Plc’s subsidiary Pacific Assets Plc in October 2005 in a transaction totalling 3.22 billion baht.

Lehman Brothers (Thailand) also owned two leasehold office buildings – One Pacific Place and Two Pacific Place on Sukhumvit Road – as well as Pantip Court Executive Residence on Sathon Road and Le Royal Meridien Phuket Yacht Club in Phuket.

Lehman’s investment in Thailand totalled about US$1 billion, representing about 0.33% of worldwide assets of US$300 billion, said Mr Cornick.

Assets Lehman Brothers jointly owned with partners included the Mercury Building and the Ital-Thai Building.

Lehman Brothers was also a creditor of three companies – Natural Park Plc, Grande Asset Plc and Central Group. The bank’s debt to Raimon Land Plc has been settled, he said.

“We are also taking a look at a few listed property firms to see whether there is any chance to buy stakes,” said Mr Cornick, who joined Binswanger last July.

“Most listed property firms are in a good shape now but only a handful of them need debt restructuring.”

Binswanger’s recent activity includes acting as a consultant to the buyer in the acquisition by investor Well Base Development Limited of 156.36 million shares of Golden Land Property Development Plc (GOLD) last month, which accounted for 24.82% of the company.

On Feb 3, Chan Bulakul, as a representative of Well Base, was appointed as a member of GOLD’s executive committee.

Mr Chan is major shareholder of the MAI-listed Brooker Group, which holds 60% in Binswanger Brooker (Thailand). The remaining 40% is held by Mr Cornick.

Binswanger Booker is involved in a deal worth 3 billion baht for Thai investors looking to acquire entities, stakes, debts and properties. The company expects to close the deal within six months.

The firm was established four years ago by the Brooker Group with a registered capital of 7 million baht. It advises clients from the United States and Japan that want to buy, sell or rent industrial estate.

The company has been advising a manufacturing company seeking to sell a factory and an automobile-related firm that may sell a factory in Thailand.

The company also advises Thai clients on real estate investments, asset acquisitions and re-developing properties.

(KOH SAMUI, THAILAND) — For the first time in Asia, W Hotels Worldwide today unveiled The Residences at W Retreat Koh Samui, which buyers can now acquire their own vacation homes (licensed under the W brand).

Ownership will include the same level of indulgence and modern living in an enviable location with world-class design, service and access to the hottest and latest in town, whether it be entertainment, fashion, cuisine, design or music as W Hotel guests.

W Retreat Koh Samui and The Residences at W Retreat Koh Samui also represent the first retreat and residential project for W Hotels in Southeast Asia.  This oceanfront landmark is set to inspire jet set guests and locals alike with spectacular design that sets the stage for W Hotels’ fully integrated contemporary lifestyle experience.  The property comprises 17 branded residences as well as the hotel comprising 75 villas – W Retreat Koh Samui.

Owned and developed by Amburaya Hotels & Resorts and Istithmar World, The Residences at W Retreat Koh Samui, Thailand, along with W Retreat Koh Samui, will bring a new dimension of cutting-edge design, contemporary lifestyle, modern comfort and a new level of indulgence to Thailand.   W Retreat Koh Samui is targeted to open in spring 2010.

“The Residences at W Retreat Koh Samui will appeal to discriminating homebuyers who are style conscious global jet setters and avid trend seekers on the trail of what’s next, those seeking to be wowed by the finer things in life – particularly those inspired by the W brand’s unique mix of contemporary cool design, modern comfort, and innovative style,” said Sunny Bajaj, Managing Director of Amburaya Hotels & Resorts.  “This includes everyone from busy executives, those looking for a weekend or holiday home to early retirees with time to appreciate Thailand and Koh Samui’s culture, cuisine, sun, sea and sand.

“Koh Samui is also the first destination in Thailand to offer Residences under the W brand, which have become the ultimate expression that our guests want to live with us 24/7, checking-in and never needing to check-out,” added Bajaj.

Among the many distinguishing characteristics of The Residences at W Retreat Koh Samui is its prime location on a stunning 900 meters shoreline, surrounded by verdant foliage.  The Residences at W Retreat Koh Samui adjoin the W Retreat Koh Samui at Maenam Beach on the island’s sublimely beautiful north shore — arguably the best location on Koh Samui, given its secluded beach and interesting topography — providing all residents and guests with excellent views.

The Residences at W Retreat Koh Samui offer owners a combination of stylish beachfront villas, ranging from three to five bedrooms and from 1,000 to 2,752 square meters.  Each residence is a study in tropical Zen style with exotic touches, and each offers full access to the signature W comforts, services and amenities available to hotel guests of the W Retreat Koh Samui.

Koh Samui is renowned as one of the best places in Asia to live and retire to.  The exchange rate allows anyone with a decent retirement fund to enjoy high-end luxuries.  Temperatures generally range from 26 to 33 degrees Celsius year round.  Thailand is home to beaches with crystal water, which in Koh Samui and at the W Retreat Koh Samui will be within walking distance of the property.  A golf course can also be found in the vicinity of the Residences.

W Hotels currently operates 35 hotels and retreats around the world.

A golf tournament which will be open to the public, is to be held simultaneously with the annual Sawadee.com Regatta 2010 in June of this year – adding yet another reason to attend the popular event on the island of Koh Samui in southern Thailand.

The venue for the ‘Sawadee.com Regatta Open’ is the Santiburi Samui Country Club – a championship golf course landscaped on a mountain in Koh Samui. Each of the 18 holes on this par 72 course has its own unique character and challenges. From steep uphill and downhill slopes to winding fairways that cut into the coconut forest, cliffs and mountain creeks. The course is located just 5 minutes drive away from Santiburi Resort, a villa on beautiful Mae Nam Beach.

The Stableford system will determine the winner, with the handicap determined by the 36 system. The tournament will begin at 12.30pm on Thursday, 3 June 2010 with a registration fee of THB 3,500. Trophies and a selection of great prizes will be awarded at the end of the day.

Headquarters for the event will again be the ‘Centara Grand Beach Resort’, which has been the home of the regatta since its conception.

Astudo Hotel & Resort Management, one of Asia’s leading hotel developers and operators, announces the appointment of Jonathan Paul Snow as Resort Manager. Jonathan, a New Zealand national, will oversee the entire operation of X2 Samui, including food and beverage, rooms operations, engineering, human resources and spa to orchestrate and maintain X2 design service and operational standards and to promote unity and teamwork amongst all areas.

With over 20 years experience in the field of hospitality, Jonathan has held a myriad of executive positions in major international hotels and resorts in New Zealand, Australia, Dubai, South Korea and Japan including Hyatt International, The Landmark Bangkok and Six Senses Resorts and Spas. Prior to his present appointment at X2 Samui, he worked as the Resort Manager at Six Senses Hideaway Hua Hin.

Klaus R. Rauter, Group General Manager of Astudo Hotel & Resort Management commented “We are truly delighted to have Jonathan as part of our executive management team. With his talent and passion for the industry, the X2 Resorts brand will continue to develop and achieve success in its relative sectors.”

Opened in June 2008 on the southeast coast of Samui Island, X2 Samui encompasses 27 casually elegant beachfront villas decorated by famed architect and designer Be Gray. The resort is situated on 5-acres of pristine beachfront land in Hua Thanon village, south of Lamai beach, overlooking the Gulf of Thailand and only 30 minutes drive from Samui Airport.

By Harry B Bonning F.R.I.C.S.,

A year ago I was talking about the new coalition government from which we hoped for great things. Whilst they have survived I am not sure we have seen any major strides forward and political disharmony still exists. Neither did anything come of the discussions at the time to extend leases from 30 years to 90 years. However the visit to Koh Samui by the Prime Minister did herald the release of funds to improve the roads and evidence of that can now be seen as the ring road is being surfaced with tarmac with the stretch from Hua Thanon through to Bophut almost complete. The picture is by The Cliff Restaurant on the way to Lamai and shows the new road lines. Much needed improvements to the drainage system are also in progress with the stretch of the ring road from Bangkok Hospital to just south of our office complete and also the section which always floods badly by the bridge next to the PTT Petrol Station also finished.