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Tesco chief invests in Phuket
Report from Bangkok Post dated Sunday 9 April 2006 :-
Tesco chief invests in Phuket
The chief executive of Tesco has invested millions of pounds in a planned luxury condominium village in Phuket, and which bills itself as environmentally friendly.
At the 100-rai West Sands development on Mai Khao beach in Phuket, the prices of luxury apartments start at around 6.5 million baht, and range up to the most luxurious home, which has a listed sales price of nearly 67 million baht.
The Telegraph newspaper of London said this morning that the chief investor is Tesco CEO Terry Leahy, who "has invested millions of pounds of his own money" in the resort.
Mr Leahy declined to comment on the exact size of his investment in West Sands or to say whether he planned to buy an apartment himself. He said Tesco would have no involvement.
Mr Leahy launched the British end of the development yesterday in London at an exhibition called A Place in the Sun Live! at the hi-so favourite ExCel expo hall.
"This is something I was keen to do. It is a private investment. I like Thailand, I like the people there, the economy is doing pretty well, and it is a popular destination," said Leahy, according to the newspaper.
West Sands is targetting foreigners to buy the apartments, and Mr Leahy singled out Scandinavians and Germans because they favour greenness.
Environmental features include a rainwater collection system, an organic garden, recycling facilities and solar panelling, said the newspaper.
Apartments in the 40-acre resort will be aimed at a "wide range" of buyers, from European expatriates to UK residents looking to retire in Thailand, Mr Leahy said.
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