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Economy January 19, 2013 00:00

By The Nation

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Sino-Thai-Unique JV signs Red Line contract


S U Joint Venture, a collaboration of Sino-Thai Engineering and Construction and Unique Engineering, yesterday signed a construction contract for the Red Line mass-transit project in Bangkok with State Railway of Thailand, involving the first civil works for Bang Sue Station and maintenance. 
   The total contract value is Bt29.827 billion. Sino-Thai’s portion is worth Bt17.896 billion, according to the company’s filing to the Stock Exchange of Thailand yesterday. 
   Sino-Thai owns 60 per cent of the joint venture, and Unique Engineering the remainder. 
Abraaj exits Vejthani Hospital
The Abraaj Group, a leading private-equity investor, has announced the exit of its investment in Vejthani Hospital in Bangkok. 
The group sold its stake in Vejthani to the Southeast Asian chain KPJ Healthcare. This was the second exit in the past six months for the group in the rapidly expanding private healthcare sector, according to the company’s press release yesterday. 
Phase 3 of Central Festival Phuke
Central Retail Corporation (CRC) plans to invest more than Bt10 billion on Phase 3 of its Central Festival Phuket project, with construction beginning next year and completion expected by 2016. 
   Including this 200,000-square-metre phase, Central Festival will be the biggest luxury-lifestyle complex in the South at more than 300,000sqm on 136 rai (21.75 hectares) in a premium location of Phuket city. 
   Phuket welcomes more than 12 million tourists a year and rising, 80 per cent of whom are foreign visitors. In addition, tourists from nearby provinces such as Krabi, Pang Nga and account for about 5 million visits a year. 
   Phuket also has the most expensive resorts and homes in the Kingdom, and the highest value of real estate, so it attracts a large number of high-end customers, both Thai and foreign. All this gives Phuket the second-highest market potential after Bangkok, CRC says.
   Tos Chirathivat, CEO of CRC, said Phase 3 of the Central Festival project would see a huge launch at the end of 2016, with a grand-opening budget of more than Bt1 billion. 
   “It will make Phuket a world-class superior-lifestyle luxury-travel city. Phuket will never be the same.”