TCC to spend B100bn in Thailand, Vietnam
TCC Land, the property arm of liquor tycoon Charoen Sirivadhanabhakdi, plans to develop 18 projects worth more than 100 billion baht in major destinations in Thailand and will also invest in Vietnam's property market, says chief executive Wallapa Traisorat.
She said the company's board later this month would finalise development and renovation plans for some of its land plots and old properties located in Bangkok, Chiang Mai, Chiang Rai, Pattaya, Samui, Phuket, Cha-am and Krabi.
''We're master-planning the projects to develop livable residential areas and tourist destinations with sustainable development. The plans will generate income within the next five years,'' she said.
Among the 18 projects the board will consider, at least five will start this year. TCC plans to develop a 300-rai site in Bang Sai, Ayutthaya for a film studio that is considering two overseas partners for a joint venture.
In Cha-am where it has more than 10,000 rai, TCC Land will develop a theme park through an investment with Australian and Dutch partners that wants to co-invest and do a master plan. It also plans to redevelop a small office building in front of its Empire Tower office on Sathon Road as a boutique hotel, said Mrs Wallapa, Mr Charoen's daughter.
TCC is also in talks with a financial adviser to set up property funds for its hotels nationwide and its office buildings in Bangkok.
''The property fund could have a value of more than 100 billion baht,'' she said. ''We're selecting our properties and will set up funds one by one to be launched over the next two years.''
TCC Land and Singapore-based CapitaLand are also interested in property investment in Vietnam, where each has already established a presence. New investments would be made through their joint venture, TCC Capital Land.
Mrs Wallapa said that TCC Capital Land planned to open two new projects worth a combined 3.5 billion baht. The first, being launched in June, will be the Villa Sathon condominium with 600 units priced from two million baht, near the new Charoen Nakorn skytrain station.
The other will be located at North Park on Vibhavadi-Rangsit Road, worth 1.5 billion baht, with 130 luxury condominium units, to begin in the fourth quarter.
The company expected to generate four billion baht in revenue, up from two billion baht last year, she added.
Source : Bangkokpost : May 14, 2007