BTS, the company responsible for the mass transit in Bangkok, sold its entire equity stake in Kamala Beach Resort & Hotel Management Co. Ltd. Download the attached BTS notice to the Stock Exchange of Thailand here. The Phuket Insider further adds that this is an un-developed site on the northern end of Kamala Bay adjacent to the Courtyard by Marriott.
Let’s work out the per square meter value of the land price (assuming there is no debt in the company and there are no other substantial assets aside from the land bank):
Site Area: 455 rai (approximately 72.8 hectares)
Transaction price: Baht 1,643,000,000 (approximately SGD66.7 million / USD53.0 million)
This works out to be Baht2,255 (SGD91.60) per square meter for the land alone. Considering that this is a beach front site within Kamala Bay which in turn is fairly developed and next to Patong Beach and I’d think that this location is fully serviced by basic infrastructure – water, power, telecom and possibly sewerage lines. If the development densities conform to the surrounding I ‘d say the land value is in the ball park.
Photo: Deh Arts