UPDATE FROM THE NEW NORDIC RESTRUCTURING TEAM
Greetings from the New Nordic Restructuring Team.
First and foremost, we would like to extend our heartfelt wishes for your health and safety during these difficult times. Here in Thailand, it seems that we may be entering our third wave with many new COVID cases announced in the past few days. In any case, our teams across Thailand continue to work diligently on the restructuring plan for New Nordic Development Co. Ltd., as well as studying how to proceed on all those projects which are not under rehabilitation.
We continue to do our best to respond to all inquiries to the New Nordic Restructuring Helpdesk within 48 business hours. We have also established policies and procedures for those clients wishing to have a face to face meeting in our offices in Pattaya. For meeting requests, please e-mail the Helpdesk to schedule your appointment. Please note that we do not entertain walk-in guests to ensure adequate time and attention for each client.
Many clients have inquired about the status of various developments in Thailand outside of Pattaya. We are happy to report that all projects, namely Koh Samui, Chumphon and Phuket maintain 24/7 security and regular maintenance to ensure your investments are projected.
In Koh Samui, the four buildings which comprise the Lamai Hotel & Resort are completed. Obviously, given the complete lack of clientele, it is difficult to predict when it would be appropriate to begin operating this project. At the same time, construction has started on the Samui Waterworld project, and framing has reached the second story.
In Chumphon, we are negotiating with several investment groups who are interested to operate the property in a variety of ways, such as a hotel, medical / rehabilitation retreat or care for the aged. We feel that exploring alternative sources of revenue beyond internally operating the property as a hotel will be the fastest way to offer some return to buyers. The main buildings are completed and furnished, along with five villas.
In Phuket, thousands of truckloads of backfill have been completed to prepare the site for construction. As in some of our other projects, we are actively working to evaluate the long term viability of the masterplan based on the uncertainty of the tourism market. We hope to provide more solid updates very soon.
Overall, we are working on various proposals for a revised commercial scheme which will most likely be in the form of a profit share model rather than a guaranteed return. The intention of this proposal will be to ensure that the Company can sustainably provide income to owners for the foreseeable future regardless of the ups and downs of the tourism market. We hope that each project will still offer considerable capital appreciation over the long term, lessening the overall financial impact to owners.
We strive to be as transparent and factual as possible and are happy to receive your feedback at email@example.com.
New Nordic Restructuring Team
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