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VCI Global Enters into LOI to Acquire Bali and Phuket Resort Properties.

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Vincent

MANews-(C)2009-2023

Malaysia-based consulting group VCI Global Ltd. (NASDAQ: VCIG) has signed a letter of intent (LOI) to acquire the leasing rights of Impiana Private Villas Cemagi, Bali and Impiana Private Villas Kata Noi, Phuket from Impiana Sdn Bhd, through its subsidiary, V Capital Real Estate Sdn Bhd, the company said.

Impiana Private Villas Cemagi comprises 6 villas covering over 604 sq m, which accounts for only 8% of its total land area, providing opportunity for future expansion when required. Impiana Private Villas Kata Noi in turn has 11 villas covering 1,105 sq m, covering less than 40% of its land area.

Thailand's hospitality industry is expected to reach USD19 bn by 2028, giving a 5-year compound average growth rate of almost 30%. For Phuket, the 9.2 m tourist arrivals in 2022 have surpassed pre-Covid levels. Arrivals are expected to surge further with an anticipated 30% growth to 12 m in 2023.

The Thailand government has implemented developments of supporting infrastructures to cater for this surge in arrivals such as the expansion of Phuket International Airport.

Upon completion of the expansion by 2027, the airport will be able to handle...

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