The Elran Real Estate Group said Wednesday it signed an agreement to lease a 25.6-dunam plot on the island of Ko Samui off the coast of Thailand for $5 million. Elran plans to invest $50m. to construct a 73,500-square meter mall on the island, believed to be the first shopping mall constructed by an Israeli company in Thailand.
Elran expects to begin construction within the next few months and hopes to have the mall built and fully occupied within the next 10 years. Elran will lease the land for a period of 60 years, with an option to extend the lease for an additional 30 years.