ING May Invest In Phuket Centre

From the Bnagkokpost

ING Funds (Thailand) has emerged as a potential investor in the long-debated Phuket Convention Centre, which requires a maximum investment of two billion baht. At a meeting with Tourism and Sports Minister Suvit Yodmani and local officials, ING Funds managing director Maris Tarab proposed launching a property fund to raise the money to invest in the centre.

He said ING Funds would launch several property funds this year, including investments in Thammasat University dormitories and Major Cineplex Ratchayothin.

Mr Maris said he had been surveying many land plots in the popular tourist island and found a few potential sites. They include a 350-rai plot in Mai Khao Tambon belonging to the Treasury Department.

According to Mr Maris, the land was a perfect site to build an international convention centre because it's close to the beach and the airport. If the government wants to compete with Singapore, the convention centre should cost about 1.5 billion to two billion baht and hold at least 2,000 participants, he said.

ING Funds, 49%-owned by ING Insurance International BV based in the Netherlands, will find partners and a landlord as well as a management company to run the centre.

''The government does not need to put down its own investment,'' he said.But local businessmen appear unimpressed by the proposal.

Pattanapong Aikwanich, an adviser to the Phuket Tourist Association, said better sites for a convention centre were located close to downtown, which is more convenient.

As the agreement has not yet settled, Dr Suvit informed the meeting that the government would take about 60 days to consider the project and all locations.

The Phuket Convention Centre project was initiated by the last government to help boost tourism to the island during the low season when tourist arrivals are quite low. About four million tourists visit Phuket each year.