Thailand’s listed property developer Charn Issara Development Plc (CI) and China’s major real estate developer Junfa Real Estate Company Limited have announced the formation of a joint venture company called Issara Junfa Company Limited for developing a real estate project in the south of Thailand.
Issara Junfa has a registered capital of 420 million baht ($12.88 million), divided into 4.2 million shares with the par value of 100 baht apiece. CI holds 70 per cent shares in the newly-established firm while Junfa Real Estate accounts for 25 per cent, and YMC Holding Company has a 5 per cent.
In the CI’s statement, it cited that the board of directors has approved to sell 42 rais of land in Phang-nga province to Issara Junfa for 420 million baht, which will used for developing the 3-billion-baht Baba Beach Club project.
CI’s chief executive Songkran Issara said that this joint venture will help CI to access more Chinese customers as well as boost its competitiveness in property industry.
The fund for developing the Baba Beach project will come from the company’s working capital and financial institutes. He said it should be able to start investing in this project within next month.
The “Baba Beach Club” project will be one of the premium real estate development in Phang-Nga. It will comprise of – six units of single houses with the selling price of 120 million baht each ($3.68 million), 40 units of pool villa with the selling price of 16 million baht ($0.49 million), 100 units of low-rise condominium and a hotel. ($1=32.60 baht)