Charn Issara teams up with Chinese partner

Charn Issara teams up with Chinese partner

An artist's rendition of Thew Talay Estate, a resort project in Cha-am under development by Issara United Co. Farther north, parent company Charn Issara plans to sign a deal with a Chinese partner to build a condo in Chiang Mai.
An artist's rendition of Thew Talay Estate, a resort project in Cha-am under development by Issara United Co. Farther north, parent company Charn Issara plans to sign a deal with a Chinese partner to build a condo in Chiang Mai.

SET-listed Charn Issara Development Plc (CI) will next Tuesday sign a joint venture with Chinese contractor Tianyuan Construction Group to develop a condo project worth 1.2 billion baht in Chiang Mai.

Chief executive Songkran Issara said the project will help expand its customer base among Chinese buyers.

"We plan to have a project roadshow in Shanghai, Kunming and also Shandong, where our Chinese partner is based," Mr Songkran said. "Having a Chinese partner can help draw their compatriots to the Chiang Mai property market."

On April 12, Charn Issara Viphaphol Co, one of Charn Issara's subsidiaries, and Tian Yuan Development (Thailand) Co, a subsidiary of Tianyuan Construction Group, will sign a joint venture deal in Chiang Mai in the presence of a Chinese government representative.

The project will be located on a 6.5-rai site on Ring Road behind Central Festival Chiang Mai and comprise two phases with total sales value of 1.2 billion baht.

The first phase, worth 600 million baht, will be launched in the third quarter. Comprising two seven-storey buildings, it will boast 421 units sized 35-70 square metres priced from 1.7 million baht each.

It will be the company's second project in Chiang Mai after The Issara Chiang Mai, a seven-storey condo project launched in 2013.

The Chiang Mai project will be the company's second joint venture with Chinese investors. Last year Charn Issara co-invested with Junfa Real Estate Co, the largest developer in Yunnan province, to develop a luxury beachfront villa, condo and hotel project worth 3 billion baht in Phang Nga.

Meanwhile, Mr Songkran said Issara United Co, one of the company's subsidiaries, will spend 1.7 billion baht to develop Baba Beach Club Cha Am-Hua Hin Hotel & Private Residence, a luxury hotel in Cha-am. It is set to open in the second quarter next year.

The hotel will be a part of Thew Talay Estate, a joint venture resort project on a 90-rai site worth over 12 billion baht between Charn Issara and two of Saha Group's subsidiaries, ICC International Plc and Sahapattanapibul Plc, which hold 50%, 25% and 25%, respectively.

Launched in 2011, the project comprises Baan Thew Talay Aquamarine, worth 2 billion baht, Thew Talay Blue Sapphire, worth 1.92 billion baht and Blu worth 1.5 billion baht.

CI shares closed yesterday on the Stock Exchange of Thailand at 2.40 baht, unchanged, in trade worth 3.9 million baht.

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