Thai luxury property developer V Property Development Co is accelerating its business growth as it prepares to launch an initial public offering (IPO) on the Stock Exchange of Thailand by 2019, according to Bangkok Post’s report.

It has appointed AEC Securities as a financial advisor to the IPO.

Chief executive Porchchai Lertananchoke told the media that it targets to have the project orders worth 8 billion baht ($251.4 million) before launching the IPO.

It projects its pre-sales will reach 3.5 billion baht ($110 million) in the first half of this year, while it reported total revenue of 3 billion baht ($94.3 million) in 2017, up 90 per cent from the previous year.

The proceeds from IPO will be used to support its business growth and new developments in luxury condominium sector in the future, he said. Its main strategy is to focus on developing the projects along Sukhumvit Road and the BTS green line.

According to the DD Property Market Outlook 2018 report, demand for new releases will move into an upward trend in 2018 thanks to rising consuming spending, the economic recovery, the expansion of mass transit lines, and government infrastructure projects along the Eastern Economic Corridor.

“On the supply side, 2018 may see even more projects from developers compared to 2017, so the real estate market is forecast to show signs of improved health this year,” said Kamolpat Swaengkit, Country Manager for DDproperty.

The report cited that condominiums remain the top pick for people attracted to an urbanized lifestyle. The DDproperty Property Index showed condominiums had the highest price index growth in the third quarter of 2017, compared to single-detached houses and townhouses, reflecting increased demand.

Source link

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

About the author

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand raises to level 4 alert for COVID-19

Thailand’s COVID-19 alert has been raised from Level 3 to Level 4 today (Thursday), with more restrictive measures to be announced in the near future, according to Public Health Permanent Secretary Kiattibhoom Vongrachit.

ASEAN, Japan to further deepen partnership

ASEAN appreciated Japan’s support to ASEAN efforts in handling challenges posed by the COVID-19 pandemic for the last two years, including the establishment and operations of the ASEAN Centre for Public Health Emergencies and Emerging Diseases Centre.

Hotels Market Insights: Signs of reopening but domestic demand leading the way

Thailand also welcomed foreign tourists in November, but Omicron has pushed authorities to remain cautious and suspend the ‘Test & Go’ scheme.