Thailand’s Rotjai Development Co. is set to be purchased by Singapore’s Tee Land for THB300 million in a deal that will see Rotjai become a subsidiary of Chewathai, a Tee Land associate company.
Rojtaj owns a freehold property with an estimated land of 30,677 square feet,at Pracharat Sai 2 Road, in the Bangsue area of Bangkok. The property is expected to be redeveloped into a 26-storey residential development. Completion is predicted in 2016.
The proposed acquisition is in line with the Group’s strategy to further expand its regional presence, and is part of its continuing foray into the Thailand market – one which the Group considers a promising market.
The proposed acquisition will be funded by the use of IPO proceeds and external bank borrowings and is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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