Another Thai property developer has set its sights on expanding abroad as CP Land announced that it is looking to go international by expanding throughout Asean, Europe and Australia, according to The Nation. The company has yet to finalize any plans and this expansion is still a couple of years away.
CP Land president and chief executive officer Sunthorn Arunanonchai explained to the newspaper that the company’s overseas investment focus was primarily on office buildings and hospitality opportunities.
Yangon in Myanmar and Ho Chi Minh City and Ha Noi in Vietnam are the potential expansion options the company is mulling for the Asean. Sunthorn added that expansion here will begin in the next two to three years, while the UK and Australia were the developer’s next focus. Each investment will cost around THB1 billion to THB3 billion and CP is considering buying land in addition to acquiring existing hospitality and office building assets.
Back on its home turf, CP Land has prepared an investment budget of THB12.1 billion that it will spend on a number of projects. THB2 billion has already been earmarked for the building of the CP Industrial Estate in Rayong province. The Nation reported that construction on the project is set to start this year and the project should be finished in 2017.
CP Land will also develop 16 condominium projects in eight provinces – Chonburi, Nakhon Ratchasima, Khon Kaen, Surat Thani, Chiang Rai, Kanchanaburi and Trang. Meanwhile another THB4 billion will be invested in ten new hotels projects. The locations for these will be Nakhon Phanom, Nakhon Si Thammarat, Chiang Rai, Mae Sod, Nakhon Ratchasima, Buri Ram, Loei, Khao Yai and Bangkok.
“Although Thailand’s economy has shown signs of slight growth, we have continued to expand our aggressive investments because this is the right time for investments before the country’s economy has strong growth,” Sunthorn told the newspaper.
The Nation added that CP Land is planning to develop a convention and exhibition centre in Khon Kaen as well as five new office buildings in Nakhon Si Thammarat, Surat Thani, Bangkok, Hat Yai and Udon Thani.
