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Thailand’s TCC Land buys out Singapore’s CapitaLand from joint venture

Thai liquor tycoon Charoen Sirivadhanabhakdi’s TCC Land now holds 100 per cent ownership in its former joint-venture subsidiary TCC Capital Land after buying 40 per cent of it for THB2.33 billion (US$77.82 million) from its partner CapitaLand in Singapore. TCC Land formerly held 60 per cent of TCC Capital Land.

Soammaphat Traisorat , TCC Capital Land’s chief executive officer and managing director, said that the company, in conjunction with other TCC Group business units including hospitality group, retail business, and the office building group, will jointly promote mixed-use development projects.

“I believe that, with its involvement and past experience of the TCC Group in real estate business,
together with the group’s financial strength, TCC Capital Land will move into a new era of residential mixed-use development with emphasis on quality and design”

According to Soammaphat, the first development under the new management will be in Pattaya. The project, worth over THB10 billion (US$334 million), will comprise a condominium,  a serviced apartment/ time share, a hotel and retail business on a 150 rai plot. The development process will begin in the third quarter of this year.

To date, TCC Capital Land has successfully launched 10 condominium and housing projects in Bangkok. These include Athenee Residence on Wireless Road, Villa Rachakhru at Paholyothin, The Empire Place at Narathiwat, The Emporio Place on Sukhumvit Soi 24, Villa Rachatewi at Phayathai Road, Villa Sathorn at Krungthonburi, North Park Place at Rajchapruek on Vibhavadi-Rangsit Road, Villa Asoke on Petchaburi Road, S&S Sukhumvit on Sukhumvit 101/1 Road, and a premium detached-house project, The Royal Residence on Kaset-Navamin Road.

TCC Land first formed the joint-venture company with CapitaLand in 2008 with registered capital of THB3.8 billion (US$126.92 million).

Charoen Sirivadhanabhakdi owns ThaiBev, the largest brewer and distiller in Thailand and the producer of Chang Beer. His wealth was estimated at US$4.3 billion in the 2011 by Forbes, 3rd in Thailand and 247th in the world.

Source: Property Report

ThaiVest Editorial Team