Supalai expanding to Manila
SET-listed developer Supalai Plc is expanding into the Philippines and plans to spend one billion baht acquiring an office building in Manila, with the aim of earning over 100 million baht a year.
- Published: 8/03/2013 at 12:04 PM
- Newspaper section: breakingnews
Mr Prateep: High potential in the Philippines.
"Economic and population growth in the Philippines is ahead Tof hailand," company president Prateep Tangmatitham said.
Filipino gross domestic product last year grew 6.6%, while the Thai economy expanded 6.4%. A decade ago the two countries had a similar sized poipulation, but the Philippines now had nearly 100 million people and Thailand 66 million.
"Acquiring a complete building is much easier than developing a project from zero for a developer investing in overseas property. It also generates an income immediately."
Early this month the company 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 metres, immediately contributing to its revenue this year.
He said other countries in South East Asia are attractive for investment, but the Philippines is more attractive. Supalai is also interested in Myanmar and Indonesia, but not in Vietnam due to fluctuation of its currency rate, he said.
The Philippines is not the first overseas investment by Supalai. The company developed a low-rise project in Beijing prior to the 1997 financial crisis through a joint venture with M.K. Real Estate Plc.
About the author
- Writer: Kanana Katharangsiporn
- Position: Business Reporter