Acquire resort property in Bali and Phuket from VCI Global Limited.

On October 6, 2023, the major consulting group VCI Global Limited (NASDAQ: VCIG) announced its intention to acquire the lease rights for Impiana Private Villas Cemagi in Bali and Impiana Private Villas Kata Noi on the island of Phuket, Thailand, from Impiana Sdn Bhd, through its subsidiary V Capital Real Estate Sdn Bhd.

Impiana Private Villas Cemagi consists of 6 villas with a total area of over 604 sq. m, which is only 8% of the total land area, allowing for future expansion. Impiana Private Villas Kata Noi, on the other hand, has 11 villas with a total area of 1,105 sq. m, which is less than 40% of the land area.

The growth potential in these two world-famous tourist destinations is truly impressive. The Thai hotel industry is expected to reach $19 billion by 2028, which translates to a nearly 30% compound annual growth rate over five years. As for Phuket, the number of tourist visits in 2022 was 9.2 million, already surpassing pre-COVID levels. However, further growth in visitation is anticipated, with expectations that the number of tourists will reach 12 million in 2023, marking a 30% increase. The Thai government is already developing infrastructure to support this growth in visitation, such as the expansion of Phuket International Airport. Once the expansion is completed by 2027, the airport will be able to accommodate 18 million passengers annually. All of this will lead to increased occupancy rates and higher revenues for the local tourism industry.

Research organizations estimate the tourism sector in Indonesia to be worth $7.5-8.0 billion in 2023, which is expected to grow to $10-11 billion by 2027.

"The purchase of Impiana Cemagi and Impiana Kata Noi is a strategic investment. The bright prospects guarantee us a good return on our investments. To maximize the potential value of these two resort properties, we intend to renovate Impiana Cemagi, while Impiana Kata Noi will be undergoing renovations through V Capital Real Estate. More importantly, this aligns with our plans to seek new opportunities in the hospitality sector in Southeast Asia, following our recent partnership with YY Group Holding Limited," said Dato' Victor Hu, Executive Chairman of the group and CEO of VCI Global.

VCI Global Limited is a multi-sector consulting group that provides services in business and technology. The company offers strategic consulting, investor relations consulting, and technology consulting services. Its clients include small and medium-sized enterprises, government agencies, and public companies across various industries. VCI Global operates solely in Malaysia, primarily serving clients from Malaysia, but also catering to some clients from China, Singapore, and the USA.