Banyan's Laguna Buys Land To Expand Phuket Resort

Source : The Business Times, July 2, 2008

Laguna Resorts & Hotels Public Company Limited, the Thai unit of Banyan Tree Holdings Ltd, said it has agreed to buy a 38-hectare land parcel adjacent to Laguna Phuket from Cherng Talay Development Company Limited.

The land will be developed for residential, hotel and commercial use.

As part of this agreement, two land plots amounting to 8.8 hectares were purchased at the end of last week at about 380 million baht (US$11.37 million).

Laguna Lakes Limited, through which the purchase was made, has, at its own discretion, the right to buy the remaining plots over a period of up to 10 years. -- BT Newsroom