|
|
| • EXCH RATES |
|
Baht/$ 33.50/55
Bid/Ask
|
GOLD |
14,450
- 100
|
|
Singaporeans join Ratchaprarop project
KANANA KATHARANGSIPORN
Chartchai: Pricing vital for new players |
The Panichewa family, the major shareholder of Unique Engineering & Construction and the Don Muang Tollway, has joined hands with Singapore-based construction firm TEE Group to invest 800 million baht to develop a condominium project in the Ratchaprarop area.
Chartchai Panichewa, chairman of Chewathai Ltd, said the Singapore partner, which has experience in mechanical and engineering construction, would augment the new property venture.
''We have no know-how but we have capital. The partner can help control construction and costs during unexpected construction situations. With their value engineering, we can develop the project with competitive prices,'' he said.
The one-billion-baht Chewathai Ratchaprarop Condominium will be located on a two-rai site near Century Park Hotel on Ratchaprarop Road, comprising 329 units sized between 35 and 300 square metres and priced around 70,000 baht per sq m. Construction will start in November and is scheduled for completion in 2010.
Ratchaprarop Condominium will be located on a two-rai site near the Century Park Hotel. |
Mr Chartchai believes these prices are attractive as other newly launched condominium projects in the same area were quoted between 80,000 and 90,000 per sq m. ''We are new in the real estate industry. We need to use pricing to tempt buyers,'' he said.
Despite an official launch in September, the developer has already sold 50 units _ 30 by Thais and 20 by Singaporeans who saw the project's roadshow in Singapore last week. About 100 Singaporean buyers on the waiting list would visit the site soon.
The location is attractive as it is 700 metres from the Airport Link and 600 metres from the Victory Monument BTS station, he said. The company expects to have 50% sales by the end of the year.
Established in March of this year with registered capital of 100 million baht, Chewathai is 51% held by Mr Chartchai and the rest by the listed Singaporean firm. It plans to get listed on the Thai stock market in the next five years and Mr Chartchai would draw on his family members to invest.
Mr Chartchai, the co-founder of Amata City, said TEE Group earlier planned to manage some properties in Amata City and eyed developing condominiums as well. His wife Somhathai, who is also a younger sister of Amata's owner Vikrom Kromdit, suggested the group join with her husband. ''We both are testing the market together,'' he said. TEE has experience in megaprojects like Changi Airport and has developed small-scale condominiums in Singapore.
The Panichewa family's conglomerate was mostly in manufacturing for many decades, including the SET-listed textile manufacturer TLL Industries, a leather tanning business, a plywood glue manufacturer and a salt manufacturing business under the Prungthip brand.
The family shifted away from manufacturing and set up Unique Engineering & Construction. It also joined the Don Muang Tollway and became the biggest shareholder in the private sector, holding around 10%.
They are also involved in the financial sector with Krungthai Insurance, a joint venture with Krung Thai Bank, Thai Sri Insurance and Cathay Lease Plan for leasing of machines and engines. Its investments in the property sector include Sima Thani Hotel in Nakorn Ratchasima and Barali Beach Resort in Koh Chang.As Mr Chartchai's grandmother was in the Srifuengfung family, his family was also one of the shareholders of Asahi Glass before the Japanese parent company took it over in 2000.
Prev
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Next
