CI, Junfa JV to develop property in Thailand

visual from Baba Beach Club project website

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.

Also read: Thailand’s Charn Issara plans $31.25m REIT for Sri Panwa

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)

Related stories:

Chinese investors flock Thai real estate

Thailand real estate goes into overdrive with deals

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.