Asset World Corp (AWC), a property arm under Charoen Sirivadhanabhakdi's TCC Group, looks set to acquire prime property in Bangkok and key resort destinations held by the group to develop mixed-use projects and hotels in the next five years.
One of the highest-valued plots is 14 rai in Woeng Nakhon Kasem on Charoen Krung Road near Sam Yot MRT station, bought by TCC Group in 2012 from the Paribatra family for 4.8 billion baht.
AWC plans to spend 20 billion baht to develop a mixed-use project on the plot with a luxury hotel, shopping area and a Chinese pagoda as a tourist attraction, said chief executive and president Wallapa Traisorat.
"The tourism sector will keep growing, with Bangkok as the most visited city in the world again," she said. "We will develop a new project in Pattaya and implement phase two of Asiatique, with a mix of hotel, retail and lifestyle properties next year."
TCC Group also plans to sell 10 rai on the bank of the Chao Phraya River on Charoen Nakhon Road to AWC. The land was used as a distribution centre that TCC Group spent 1.8 billion baht to buy from beverage maker Sermsuk in 2014.
The Sirivadhanabhakdi family are majority shareholders of Sermsuk.
The plot with a 58-metre riverfront will be developed for a luxury mixed-use project. As the floor-to-area ratio is 6:1, total gross area can be up to 96,000 square metres, sufficient for a 70-storey tower.
Another prime plot in Bangkok that AWC will acquire is 15 rai on Bang Na-Trat Road KM1, where AWC will develop a mixed-use project. The plot's price last year was 120 million baht per rai.
There are also plots on Sukhumvit sois 103/1, 38 and 22, where a mixed-use project and city hotels will be developed.
TCC Group's largest plot that will be offered to AWC is in Mae Rim, Chiang Mai, with a total gross area of 7.3 million sq m available for development. AWC plans an upscale wellness resort and a luxury hotel at the site.
The Mae Rim plot is adjacent to the Imperial Chiang Mai Resort & Sports Club.
Assets owned by TCC Group that will be sold to AWC for five-year development will total 20 plots: 11 in Bangkok, five in Chiang Mai, three in Chon Buri and one in Chiang Rai.
Yesterday the company announced that it would offer up to 8 billion shares through an IPO priced at six baht a share. Share subscriptions will take place by the end of September, with Kasikorn Securities, Bualuang Securities, Phatra Securities and SCB Securities as underwriters.
The IPO shares will comprise 6.957 billion new ordinary shares, representing a maximum of 22.47% of all shares.
There may be a greenshoe of up to 1.043 million shares in order to maintain price stability during the first 30 days of share trade. A greenshoe option lets investors buy more shares than originally planned by the issuer.