Country Group Development announced it has secured project financing that will allow it to continue on schedule with the building of the luxury mixed-use Chao Phraya Estate including Four Seasons Private Residences.
Country Group Development along with its joint venture partner BCEG Thai International reached an agreement with China Ping An Bank to secure USD375 million that will allow construction to continue on the project.
“Country Group Development is pleased to announce this financing agreement with such a well respected financial institution,” CEO and Director of Country Group Development, Ben Taechaubol, explained in a press release. “The structure aligns perfectly with our business targets as we move ahead with the construction of all three phases of the Chao Phraya Estate. We are confident that our unique combination of Four Seasons Private Residences, Four Seasons Hotel and Capella Hotel will set a new quality benchmark for mixed use developments globally.”
Structural work on the main tower of The Four Seasons Private Residences at Chao Phraya River are already 100 percent completed and now underway for the hotels. The Chao Phraya Estate is Country Group’s largest project to date and is valued at THB32 billion.
“Sound institutional financing is crucial for a luxury residential project of this caliber,” Taechaubol noted. “We began construction of this project in Q3, 2014 and with this financing package and the right partners in place we are on track to meet our completion target of Q4, 2018.”
China Ping An Group was formed in 1988 and became China’s first joint-stock insurance enterprise. The organization now covers all areas of the financial sector and banking and will now throw its weight behind Country Group’s luxury project.
“At China Ping An Group we follow a consistent strategy that is aimed at creating value through win-win co-operation with all stakeholders,” Xie Jiong, general manager, Ping An Bank Company said. “We actively pursue sustained and stable development with a unified brand and culture that is firmly based on common goals.”
