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Bangkok Land Plans REIT to Fund Project on Srinakarin Featured

Bangkok Land Plans REIT to Fund Project on Srinakarin Bangkok Land Plans REIT to Fund Project on Srinakarin

Thailand developer Bangkok Land plans to establish a real-estate investment trust worth Bt18 billion and has appointed Kasikornbank and Maybank Kim Eng Securities (Thailand) as financial advisers.

 The fund will launch in July or August in 2013.

Bangkok Land will raise capital to develop residential projects worth Bt60 billion on its 1,350 rai (216 hectares) of freehold land on Srinakarin Road from 2013 through 2020, company chairman Anant Kanjanapas said.

He added that the company planned to build 13,500 luxury townhouse units over a seven-to-10-year period, or 1,500 units per year, priced at Bt4 million per unit for combined value of Bt60 billion. As the company has complete ownership of the land, it is mortgage-free, putting it in a unique position.

Bangkok Land has entered an agreement with Bouygues Construction to build its Srinakarin projects, Anant said.

Jean-Marie Verbrugghe, managing director of Bouygues Thai, said the company would build a factory onsite at Srinakarin to produce prefabricated materials specially for the project, which would ensure speed of service and minimal transport costs, coupled with its global knowledge and technical expertise in quality fabricated materials.

Its total investment will be Bt500 million including the cost of building the prefab-factory complex.

At Muang Thong Thani, Bangkok Land's first housing development of for some time, the Double Lake low-rise project, has sold 86%, with Phases 2 and 3 being prepared.

Bee Hive, the first neighbourhood shopping mall in the areas under construction, has created a great deal of interest, attracting Tops supermarket as its anchor tenant.

Anant says the performance of Bangkok Land over the past few years has been exceptional, and he is more upbeat than ever after the company's complete buy-back of Impact late last year.

With publicly traded warrants due to be exercised on May 2, Bangkok Land is pulling out all stops to show the strength of the group and particularly its strong recurring income from both of its main streams of business.

Last modified onMonday, 29 April 2013 19:35

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