SET-listed Country Group Development Plc (CGD) has secured US$375 million (about 13 billion baht) through China Ping An Bank to continue developing luxury project Chao Phraya Estate.
According to chief executive Ben Taechaubol, the financing will be managed through Landmark Holdings Co, a joint venture between the company and BCEG Thai International Co.
Structural works for the project's main tower have been conducted over the last two years, and completion is expected by the end of 2018.
Located on a 35.5 rai plot leased from the Crown Property Bureau on Charoen Krung Soi 64 by the Chao Phraya River, the project is worth a total of 32 billion baht and will house Four Seasons Hotel Bangkok and Capella Hotel Bangkok.
There will also be 355 condo units of the Four Seasons Private Residences Bangkok, worth 20 billion baht, of which 50% have been sold. To boost sales, the company plans to have roadshows in Taiwan and Hong Kong by the end of the year.
In the first half of this year, the company recorded a net loss of 81 million baht on revenue of 350 million baht, down from a net loss of 212 million baht and up from revenue of 216 million baht in the same period last year.
"The scale of the loss from the current project is small, whereas the project we are now investing in is a much larger one," he said.
Mr Ben said the company will seek to acquire a property in the short term to generate quick income.
After it spent 18 million pound or 848 million baht to acquire a school in Brighton, south of London in July this year, it plans to expand into education within Thailand and neighbouring countries.
In a move to support their educational business, the company has established Leading Schools Partnership Ltd as a holding company in August this year in Guernsey, which is in the British Isles, with registered capital of £100.
CGD shares closed yesterday on the Stock Exchange of Thailand at 1.04 baht, down two satang, in trade worth 5.23 million baht.