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Old September 3rd, 2012, 06:11 PM   #1
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BANGKOK | Siamese Queen | 35 fl | Pro

Siamese Asset to develop two new condo projects

Published: 19/04/2012 at 02:53 AM
Newspaper section: Business

To maintain its current level of gearing, Siamese Asset Co Ltd will develop two new condominium projects as joint ventures.

Managing director Kajohn Sae-Ang said the company's current debt-to-equity ratio is two times, a level it needs to assure ready access to bank financing.

"A bank may not approve a project loan for construction if the debt-to-equity ratio exceeds two times," he said.

The projects to be developed as joint ventures are on Sap Road in Bang Rak and Ratchadaphisek Road opposite the Stock Exchange of Thailand office. Total sales value for the two projects is estimated at 3.7 billion baht.

Siamese Asset's pending developments include two condominium projects on Sukhumvit Soi 39 with total sales value of 1.5 billion baht. Units will be transferred in July and late next year.

The development of a 2-billion-baht townhouse project, Siamese Blossom, on Ram Intra Road pushed the company's debt-to-equity ratio to two times after it spent 800 million baht on the land.

In February, the three-year-old developer set up Siamese Surawong Co Ltd as a joint venture. Siamese Asset holds a 70% stake.

This company will develop the 1.7-billion-baht Siamese Surawong condominium project on a 250-million-baht 1.5-rai plot on Sap Road opposite the Russian Embassy. The condominium will rise 20 storeys and have 150 units.

The other project will be situated on a two-rai site near the Queen Sirikit National Convention Center. It will have 200 units and a sales value of 2 billion baht. The project will be 60% owned by Siamese Asset.

Units at both projects will sell for around 100,000 baht per square metre. Sales will begin on April 21 and the company will be selling queue tickets for 50,000 baht.

"Selling a queue ticket before booking will help us ensure that customers are end users or investors, not speculators. We can also reduce risk as we get to know the possible future sales rate and we can build our customer base," said Mr Kajohn, also an executive director of the 23-year-old construction firm Ritta Co.

On the same day it will also open sales for Siamese Ratchakru, which will be located on a 1.5-rai site between Phahon Yothin Sois 3 and 5. The units are 31-130 sq m in size and priced at 89,500-110,800 baht a sq m.

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Old September 6th, 2012, 01:00 AM   #2
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Good find, nice looking condo
from east to west
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Old August 28th, 2014, 07:04 AM   #3
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