Aquarius International Development (AQI) has introduced a flagship project under Aquarius Residences and Resort Koh Chang consisting of a hotel and two residences scheduled for completion by 2022.
Edward Chi, managing director at AQI, a Bangkok-based hospitality and real estate development firm and consultancy, said Koh Chang might attract less foreign and local travellers compared with other popular destinations, but there the project presents an investment opportunity nonetheless.
The island’s strengths are its peaceful environment and plentiful natural resources, similar to Phuket and Koh Samui 20 years ago, as a national park covers 83% of the land.
The AQI was established in Thailand in 2017 and is fully owned by Norcal Venture Capital Group, a private fund management company from Hong Kong.
The ownership proportion between the group and Thai private partners depends on different projects, such as 49:51 for residential projects.
Aquarius Residences and Resort Koh Chang is part of AQI’s total investment worth US$250 million in Thailand. It is located in Bang Bao subdistrict.
The project consists of 23 pool villa residences, 99 units of condo residences and 10 retail shops with a combined area of 29.4 rai.
The group opened its sales gallery for the pool villa and condo residences yesterday. Construction is set for completion in the last quarters of 2022 and 2023, respectively for the projects.
The second development is Chedi Aquarius Koh Chang, a 200-room luxury resort managed by General Hotel Management (GHM) in Singapore on 58.6 rai. This resort is set to open in the last quarter of 2023.
Mr Chi said GHM is considered a unique hotel brand because it has not expanded to the mass market.
There is also 57 rai available for private residences in the future.
“Even though there are potential partners in other areas such as Phuket and Chiang Mai, it is not the right time to expand the business to other places.” Mr Chi said. “We will focus on the project in Koh Chang first.”
Apart from the residential and hotel development projects, Aquarius Group is planning various types of products for launch next year, including AQ Ventures, a luxury yacht business in Koh Chang and Phuket.
AQ Food and Beverage, a high-end restaurant and catering business, aims to introduce AQ Gourmet and Dine stores in Bangkok by the first quarter next year.
The group also provides a lifestyle platform called AQBooking.com that offers customised tours.
He said the online travel platform was initially set to launch in Thailand, the first site in Asia-Pacific, during this quarter, but the plan was delayed to the first quarter next year due to the outbreak.