Krabi's Destination Resort Project 'The Cove' Calls It Quits

The developers of the mega mixed use destination resort The Cove Krabi have announced the project is being wound down and will be put up for sale. A price point of THB2.7 million a rai has been set, or total of THB1.242 billion.
CEO John Grice of Asian Tropical Homes Group points to global economic and Thailand's politic issues as key deciding factors by the shareholders.
Located south of Krabi in Haad Yao with 460 rai of land, a Colin Montgomerie golf course and multiple international hotels and residences, the project had gone to the property market with an initial offering prior to the US led crisis.
As Thailand's domestic economy continues to recover, a number of previously stalled resort projects in key areas are being marketed for sale or restructuring.