Singha Estate recently announced that 400 million newly issued ordinary shares and USD180 million were issued in convertible bonds which were both well-received by local and international corporate investors. The developer has a number of megaprojects in the pipeline including massive projects in the Maldives.
“We have attracted a lot of Thai and international institutional investors who are confident in our potential and projects. The 400 million newly issued ordinary shares were well-received by BBL Asset Management, One Asset Management, and a global institution, Templeton. The total cash proceed amounted to THB1.6 trillion. The USD180 million convertible bonds were also fully booked by foreign institutional investors,” says Naris Cheyklin, CEO of Singha Estate PLC, in a press release.
The company is expected to use this money to help fund its new developments, including hotel projects in Maldives that will target Chinese tourists. The 1st phase is expected to open next year and the company has already reached partnerships with Hard Rock Hotels and Cafe Del Mar to operate at the project. Singha Estate received a 50 year concession to develop hotels on 9 islands in the country from the government.
Singha Complex
In Thailand, the company will soon open the sales gallery for its Singha Complex mixed-use project. The company also has plans to launch an upscale condo on Sukhumvit 36 as well as a super luxury single home project on Praditmanuntham Road.
Early this year, Singha Estate launched The Esse at Singha Complex. The 319-unit luxury condo will be located at the Asoke-Phetchaburi intersection. In another sign foreign investors are confident in the company’s projects, Trillion Global from Singapore invested more than THB1.6 billion in 2 of Singha Estate condo projects. One was the aforementioned The Esse at Singha Complex and the other project was The Esse Asoke. Trillion Global made the investment confident the rental returns would be satisfactory.
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