Nepal – Silver Heritage buys land for Tiger Palace Resort JhapaBy Phil - 28 August 2018
Silver Heritage has bought a parcel of land in Jhapa, East Nepal for US$3.2m, where it will build
Tiger Palace Resort Jhapa.
Having built and opened South Asia’s first Integrated Resort, Tiger Palace Resort Bhairahawa, in Nepal close to the border with India’s most populous state, Uttar Pradesh, the company has decided to stick with the brand for its next operation.
A statement read: “The company has worked closely with the vendor and is delighted to report it has successfully completed the acquisition of a reduced parcel of land by utilizing in full the initial deposits paid by the company. The final area of land purchased is 11 Bigha (74,500m2 ), an area which is similar in size to that currently in use at Tiger Palace Resort Bhairahawa. The company has agreed to sell a 20 per cent interest in the Jhapa land owning entity to its local partner Mr. Sanchit Shrestha, a transaction which both generates the required capital to compete the purchase while also reducing its outstanding supplier payables.”
James Spenceley, Non-Executive Chairman, said: “The board has recently undertaken a formal program to resolve all historical and outstanding issues within the business with a view to focusing management 100 per cent on the marketing and success of the existing Tiger Palace Resort Bhairahawa. The completion of the land and reduction in debt while a fantastic result by no means takes away any focus of the company from the ramp up of existing operations at Tiger Palace Resort Bhairahawa.”