Ananda to spend Bt8 billion on development land

George Sell By George Sell
1 week ago | Updated 1 week ago

Thailand: Bangkok-based developer Ananda Development Plc plans to spend up to Bt8 billion (£200 million) to buy land for the development of 10 projects.

The developments will have a GDV of Bt38 billion (£950 million) said Ananda CEO Chanond Ruangkritya.

"Our investment budget will come from both our cash flow, which we will get from transferring our residential projects to our customers, and from issuing debentures worth between Bt4 billion and Bt6 billion this year," Chanond said at a press conference.

Seven of the 10 residential projects  which are expected to launch this year, will be condominiums developed by a joint venture with Japanese partner Mitsui Fudosan. Ananda will also develop a condominium project on its own.

Chanand said the company is looking to expand its business through investments that would generate recurring income over the long term. It has started taking on apartment projects along with global partners, including serviced apartment operator The Ascott Limited.

The company is currently developing five serviced apartment projects for Ascott - Somerset Rama 9, Ascott Embassy Sathorn, Ascott Thonglor, LYF Sukhumvit 8 and the latest project at Central Pattaya Beach.

"We have confidence the property market in this year will still grow, following the country's economic growth. As a result we have continued to expand our investment, even though the country will have an election and the interest rate is rising," Chanond said.

To find out more about the Asian serviced apartment sector, don't miss the first ever dedicated event for the industry, Serviced Apartment Summit Asia, which takes place in Bangkok on February 21 and 22.

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