Tanjong Now Wants To Build Tropical Homes In Germany

Yes, in my opinion it's a massive mess.

Blogged previously: Going Extremely Tropical In Germany! , Tanjong's Tropical Island Resort Investment , Tanjong's Tropical Island Resort Investment: Part II and Tanjong

What amazed me was that Tanjong came up with this rather wild idea of building a Tropical Resort in Germany. And what even amazed me was how the boss told the press that this investment was not significant.

Well for its fiscal year 2005, it registered a operating loss of 69 million and for its fiscal year 2006 it reported a loss of 59 million and in its 2007 Q4 earnings, it said it had another 59 million in operating loss for this project.

So clearly, this idea was bad and that the losses have been piling up.

And in today's article, I was utterly shocked to read the following news, Tanjong to build holiday homes in Germany

• TANJONG plc has signed an agreement yesterday to develop about 2,000 holiday homes at its Tropical Islands resort in Germany.
  
  Under the agreement, Eske Group A/S will finance development of the vacation home project while Novasol A/S will have the exclusive marketing rights.
  
  Tropical Islands is a holiday resort, located within the world's largest freestanding dome in Germany, developed by Tropical Island Holding GmbH Group, a subsidiary of Tanjong.
  
  The development of 500ha of land will be carried out over three phases.
  
  The first stage comprises construction of 375 units over 30ha which is expected to be ready for occupation in 2010.
  
  Tanjong is not expected to assume nor commit to any financial obligation in respect of the construction and development of the vacation homes.
  
  Tanjong's chairman Datuk Robert Cheim said the involvement of the Eske Group and Novasol will surely contribute to the successful development of Tropical Islands.
  
  "The availability of resort accommodation facilities will help Tropical Islands attract a greater number of visitors from the fast-growing European vacation market, and should expand its current public profile which compromises largely day-trippers. This will place the resort in a much better position to generate greater revenue in the longer term," he said.

Huh? Huh? Huh?

It's now holiday homes? Goodness me, why can't they simply acknowledge that this is Tropical Island venture has been a very unprofitable project?

Why keep pouring more and more money on a lousy idea? Would adding tropical homes really help?

Sometimes I wonder why it's so difficult to admit to a mistake.