Charoen seeks B2.2bn riverside plot

Charoen seeks B2.2bn riverside plot

Liquor tycoon Charoen Sirivadhanabhakdi is reportedly preparing to buy a prime riverfront piece of land on Bangkok's Rama III Road worth an estimated 2.2 billion baht from Krungthep Land Plc (KLand).

A property industry source said Mr Charoen would buy the plot  from Riverside Homes Development Co, one of KLand’s subsidiaries.

KLand holds 51% of the subsidiary, while the rest is held by Frasers (Thailand), a subsidiary of Singaporean conglomerate Fraser & Neave, which Mr Charoen acquired early last year.

The 15.5-rai plot is said to be the most attractive for Mr Charoen among KLand's assets including 90-rai and 98-rai plots in the Pin Klao area, a 23-rai plot in Soi Pracha Uthit, a 17-rai plot on Rama V Road and plots totalling 226 rai on Rama II Road. All will be viable for single-house or townhouse projects.

Last month he spent around 1.8 billion baht to buy a 10-rai riverside plot on Charoen Nakhon Road from Serm Suk Plc, in which his company TCC Group is major shareholder.

According to the source, Mr Charoen’s purchase is expected to be signed before Golden Land Property Development Plc, controlled by his son, completes a takeover of KLand.

KLand earlier planned to develop the riverside plot for the second phase of The Pano, a luxury condo project.

Golden Land yesterday reported to the Stock Exchange of Thailand that it will spend 3.56 billion baht for all shares of KLand.

Golden Land plans to give two baht each for all 1.78 billion KLand shares.

Of the shares, 39.33% belong to SMJC Real Estate Co, 40.45% to Frasers (Thailand) and 20.22% to Property Perfect Plc.

Golden Land president Thanapol Sirithanachai said the takeover would allow the company to expand its market to high-end property. It will focus on units priced 2-15 million baht, while KLand will develop units priced more than 20 million baht.

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