It is, property guru Bill Barnett reports in his thephuketinsider.com blog, a subsidiary of Singapore firm L.C.Development, which paid B1.4 billion for the resort via a Thai affiliate JTM (Thailand).
The deal, brokered by Jones Lang LaSalle Hotels, was signed on April 21, and hit the local headlines after many of the staff at the resort were laid off.
LC Development is no newcomer to Phuket; it already holds stakes in the Holiday Inn Resort in Patong and in Surin Estate on Bangtao Beach. Its website lists the Government Pension Fund of Thailand as a partner, along with the Singapore Government Investment Corporation [for] Real Estate.
It also has hotel and apartment investments in England, Malaysia, Vietnam, Laos and China.
LC is run by David Lum Kok Seng, who took over as executive director a year ago after being managing director for 20 years. He is also MD of construction and property company Lum Chang Holdings.
Mr Barnett comments, “It's not clear yet what the new ownership will do with the site, but one key element of the purchase of the resort is the large 75-rai site, with a considerable amount of vacant land.
“While no announcement has been made, industry speculation based on a close relationship between the developer and hotel operator IHG would point to the latter being a potential brand partner.”
Mr Barnett also speculates LC may join forces with another Singapore group, which co-owns a large site next to the Evason.
This was originally slated for a Four Seasons resort by the Hotel Properties Ltd (HPL – run by Malaysian-born Ong Beng Seng, the man credited with bringing Formula 1 racing to Singapore).
HPL was working with Lehman Bros on the planned hotel but this project was suspended when Lehmans went bust four years ago.
Mr Barnett adds, “Long term it’s believed the prime oceanfront site will be built into an upscale resort. This and the Evason redevelopment will be considerable game changers for the Rawai hospitality sector.”