PROPERTY

The long-dormant SET-listed Golden Land Property Development Plc (GOLD) vows a bold return to the spotlight after Univentures Plc (UV) acquired it last year.

The property developer hopes to turn a profit over the next two years."We need to set a strategy for Golden Land, which posted losses for many consecutive years," said Golden Land president Thanapol Sirithanachai yesterday after resigning as Univentures' managing director.

Univentures, controlled by Panot Sirivadhanabhakdi, the youngest son of liquor tycoon Charoen Sirivadhanabhakdi, spent 3.7 billion baht last year to buy a 50.64% stake in Golden Land.

As of last Sept 30, Golden Land had total assets of 11.9 billion baht and total liabilities of 6 billion.

For the first nine months last year, the company posted a net loss of 309 million baht, more than the 104-million loss in the same period the year before.

The company reported net losses of 231 million baht in 2011, 261 million in 2010 and 310 million in 2009. It had accumulative losses of 1.4 billion as of the end of last year.

"We need to spend three months to study and brush up on Golden Land's portfolio. It will take time to recover from the losses," said Mr Thanapol.

Founded in 1978 by Khunying Sasima Srivikorn, Golden Land has registered capital of 16.4 billion baht with 11.3 billion paid up.

Univentures president Ornruedi Na-Ranong said the firm will become a holding company investing in subsidiaries including Grand Unity Development Co (Grand U), a condominium developer with the U Delight and Condo U brands.

Grand U has developed 12 projects with 7,500 units worth 14.5 billion baht. Last year Univentures became the sole shareholder of Grand U, buying the remaining 40% it did not already own.

Grand U plans to launch new projects exceeding 6 billion baht in 2013. It will also spend 1 billion to buy new land plots for future development.

Last year Grand U contributed 3.44 billion baht in revenue to Univentures and is expected to rake in 3.9 billion this year.

Univentures has another source of revenue _ zinc oxide _ which generated 962 million baht last year and is projected to earn 1.19 billion this year.

Univentures has an office building, Park Ventures, which was charging rent of 950 baht per square metre per month last December, up from 750 baht during the launch in early 2012. The company wants to raise the monthly rent to 1,000 baht per sq m this year and increase occupancy to more than 95% from 80% now.

Shares of GOLD closed yesterday on the SET at 16.90 baht, up 2.30 baht, in trade worth 652 million baht.

UV closed at 15.50 baht, up 30 satang, in trade worth 658 million baht.