Thai developer expands to Manila
One of Thailand’s largest property developers, Supalai Plc, has said it has put aside 1 billion baht ($33 million) to invest in office property in Manila, Philippines, as part of its overseas investment drive that will see the company also investing another 1 billion baht in Indonesia and Myanmar.
The Stock Exchange of Thailand-listed developer has already registered a subsidiary in the Philippines and signed a memorandum of understanding to buy an office building in Manila with a total area of 2,000 square meters, immediately contributing to its revenue this year at around 100 million baht ($3.3 million), the company’s president Prateep Tangmatitham said.
He said that economic growth and demand for office property is rising in the Philippines which makes it one of the most attractive countries in ASEAN for investment at the moment.
Supalai will also expand on the domestic market and plans to spend 5 billion baht ($166.7 million) to buy land in Thailand on which to develop projects in 2014 and 8 billion baht ($266.7 million) for the construction of projects that are to be delivered to customers this year.
The company plans to launch 25 projects in Greater Bangkok in 2013, of which 16 are for low-rise homes, both detached houses and townhouses, and the rest condominiums.
[caption id="attachment_7515" align="alignleft" width="300"] One of Supalai's flagship residential properties in Bangkok: Supalai Premier Palace in Asoke (© Arno Maierbrugger) [/caption] One of Thailand's largest property developers, Supalai Plc, has said it has put aside 1 billion baht ($33 million) to invest in office property in Manila, Philippines, as part of its overseas investment drive that will see the company also investing another 1 billion baht in Indonesia and Myanmar. The Stock Exchange of Thailand-listed developer has already registered a subsidiary in the Philippines and signed a memorandum of understanding to buy an office building in Manila with a total...
One of Thailand’s largest property developers, Supalai Plc, has said it has put aside 1 billion baht ($33 million) to invest in office property in Manila, Philippines, as part of its overseas investment drive that will see the company also investing another 1 billion baht in Indonesia and Myanmar.
The Stock Exchange of Thailand-listed developer has already registered a subsidiary in the Philippines and signed a memorandum of understanding to buy an office building in Manila with a total area of 2,000 square meters, immediately contributing to its revenue this year at around 100 million baht ($3.3 million), the company’s president Prateep Tangmatitham said.
He said that economic growth and demand for office property is rising in the Philippines which makes it one of the most attractive countries in ASEAN for investment at the moment.
Supalai will also expand on the domestic market and plans to spend 5 billion baht ($166.7 million) to buy land in Thailand on which to develop projects in 2014 and 8 billion baht ($266.7 million) for the construction of projects that are to be delivered to customers this year.
The company plans to launch 25 projects in Greater Bangkok in 2013, of which 16 are for low-rise homes, both detached houses and townhouses, and the rest condominiums.
