The company plans to invest in projects in the resorts of Patayya and Ko Samui.
Elran Investments Ltd. (TASE: ELIN) subsidiary Elran (DD) Real Estate Ltd. (TASE:ELRE) is negotiating to buy land in the resorts of Patayya and Ko Samui island, Thailand, for over $20 million.
In Pattaya, Elran Real Estate will invest 90% of the equity for two high-rises, at an estimated investment of €14 million. In Ko Samui, the company will provide 75% of the equity for a luxury residential project estimated at $6 million. The company will be eligible for half of the profits from the projects.
Elran Real Estate chairman Gadi Dankner said, “After setting up a complete network in Eastern Europe and floating Atlas Estates Ltd. (AIM:ATLS), Elran is initiating activity in Southeast Asia, where we see great potential, beginning with the Thai real estate market. We’re sure that success in the Asian market will resemble the success in the Eastern European market.”
Published by Globes [online], Israel business news - www.globes.co.il - on April 15, 2007
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