The Mall Group, Thailand’s second largest department store chain, has announced plans to diversify into hotel and property development, in addition to expanding the company’s retail business.
Supaluck Umpujh, the group’s vice president, said the group initially plans to develop residential projects or hotels on single plots, and after that may also look at residential development on vacant spaces at some of its existing shopping complexes. The Mall Group operates the up-market Emporium and Paragon department stores, as well as a number of retail centres under its “The Mall” brand.
“Next year is the year for residential and hotel project planning but for the retail business, it’s time to expand”, said Supaluck. “We will focus on developing mid-sized projects that provide sustainable profits in the long term, focusing on quality more than quantity”.
Thursday, August 28, 2008
Friday, August 22, 2008
Fishman builds first Thailand project
ndustrial Buildings Corp., a subsidiary of Fishman Holdings, is investing NIS 100 million to build a luxury real estate project in Bangkok, marking its first entry into Thailand.
The company has signed a memorandum of understanding with three Thai companies to invest NIS 100m. for the acquisition of 50 percent of the real estate project.
The 123,000-square-meter, mixed-use project, including a luxury residential skyscraper, a hotel and a commercial high rise, will be built on a 12,300-sq.m. lot.
The company has signed a memorandum of understanding with three Thai companies to invest NIS 100m. for the acquisition of 50 percent of the real estate project.
The 123,000-square-meter, mixed-use project, including a luxury residential skyscraper, a hotel and a commercial high rise, will be built on a 12,300-sq.m. lot.
Wednesday, August 13, 2008
BTS chief returns witH big real-estate venture
Keeree Kanjanapas, who owns property company Tanayong and the Bangkok Mass Transit System (BTS), has come back to expand his business by focusing on the hospitality industry and the BTS SkyTrain. He had faced a debt burden of up to Bt77 billion arising from the financial crisis of 1997.
In the the hospitality industry, Tanayong will work as Keeree's business arm. He plans to invest about Bt23 billion to build 16 hotel and resorts across Thailand and overseas territories, starting this year until 2013.
Tanayong will set up a joint venture with Minor Group's management - Jonathan Wigley, John Westoby, Thitiya Westoby and Nopparat P'Kulsiri - who call themselves Absolute Hotel Services and have a registered capital of Bt25 million. The company will provide property-management and other consultancy services to other companies in the hospitality and property industries.
In the the hospitality industry, Tanayong will work as Keeree's business arm. He plans to invest about Bt23 billion to build 16 hotel and resorts across Thailand and overseas territories, starting this year until 2013.
Tanayong will set up a joint venture with Minor Group's management - Jonathan Wigley, John Westoby, Thitiya Westoby and Nopparat P'Kulsiri - who call themselves Absolute Hotel Services and have a registered capital of Bt25 million. The company will provide property-management and other consultancy services to other companies in the hospitality and property industries.
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