SET-listed developer Supalai PCL is interested in joining the race to acquire the Australian Embassy site in the heart of Bangkok’s central business district, according to a Bangkok Post report.
The embassy is built across 1.2 hectares of land. JLL is the sole sale agent for the plot whose expression of interest (EOI) tender will close in June. JLL managing director Suphin Mechuchep told media that at least 10 parties have shown interest in the plot so far.
Supalai CEO Prateep Tangmatitham said that it plans to do the feasibility study to set up a 40-storey building on the plot and will seek its board’s approval to formally pursue the opportunity.
“It is quite difficult to design a project on the plot, as its shape has a narrow frontage and there are many buildings surrounding,” he said. “The land price should not be as high as many have estimated.”
Supalai plans to launch six more residential projects worth more than 4 billion baht ($115.3 million) in the second half of this year after seeing signs of demand recovery, said managing director Tritecha Tangmatitham.
Three projects will be in Bangkok, and the others will be in cities including Ubonratchathani, Chonburi and Phuket.
The company is targeting revenues of 24.5 billion baht ($706 million) this year. It posted total presales of 7.56 billion baht ($218 million) in the first quarter, up 43 per cent from the same period of last year, thanks to an increase in demand for single detached houses and townhouses.
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.
Land and Property Tax Forces Site Owners to Consider Options
The new Land and Property Tax, which will be effective from January 2020 onward, is another challenge for the Thai property market.
Condominium Developers Diversify into Recurring Income Properties
A slowdown in the condominium market has encouraged major residential developers to consider diversifying their portfolio into other property sectors such as office, hotel, and serviced apartment.
Retail in the age of social media
E-commerce is becoming easier and faster, making it increasingly popular. Recently, Instagram introduced a shopping feature that allows users to purchase products within the app.
Social media is transforming retail and expanding the e-commerce world. It goes without saying that the presence of social media in any retail store is critical to its marketing and sales reach.(more…)
Thailand among top five countries for salary hikes
Thailand is among the top five economies in the world to see real salary increases and is likely to see...
Thailand Ecommerce Market: Shooting For Success
At present, the Thai ecommerce market is valued at USD 3.5 billion. According to a Google Temasek study, Thailand’s e-commerce...
Aspire Set to Become First SME Neobank in Southeast Asia with US$32.5 Million Raise
The recent financing has been led by Mass-Mutual Ventures Southeast Asia with participation from Silicon Valley’s Arc Labs and existing...