Singha Estate Plc announced that intends to invest over THB55 billion between 2017 and 2020 on new real estate projects, according to local media. These new developments will include residential, hotel, office, industrial, and warehouse projects and won’t be limited only to Thailand.
“Our investment of THB55 billion will focus on residential, hotel and office, as we also have a budget over than THB55 billion to invest in new businesses that relate to the property market, such as warehouses, industrial estates and others. But we cannot say by how much that will be over THB55 billion, as that depends on the business opportunity at the time,” says Singha Estate Chief Executive Officer Naris Cheyklin to The Nation.
Half of the company’s investment will focus on its hotel business in Thailand and overseas with the main focus being the Asia Pacific region. In addition to this, 30% of the budget will go towards developing residential projects in Thailand while most of the remainder will be spent on office buildings. Singha Estate had an investment budget of THB100 billion for the 2015 to 2020 time period.
“We spent THB50 billion of our investment budget from 2015 until the end of August this year on projects such as the takeover of a hospitality business in the UK, investment to develop residential projects in the Maldives, the acquisition of the Sun Tower office building in Bangkok, and investment in a new residential project, the Esse Sukhumvit 36. This will generate income to our business over 2018-2020,” says Naris.
Santiburi the Residences in Bangkok and a new office space on Vibhavadi Road are both expected to be launched in the last quarter of 2017. Singha Estate is also looking into merger and acquisition opportunities that would allow it to acquire 4-star hotels in Thailand and Asia, but no targets were revealed.
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