Thai-listed Sansiri acquires 50% stake in local property developer

Visual from Sansiri's website

Thai listed property developer Sansiri Pcl has acquired a 50 per cent stake in Prime Area 38 Co Ltd as well as accepted the assignment of claim on promissory notes from U City Pcl, worth 836.98 million ($25.36 million) baht in total.

Under the deal, Sansiri will spend 35.95 million baht ($1.09 million) on taking 50,000 shares at the par value of 100 baht apiece and 801 million baht ($24.27 million) on the promissory notes.

Sansiri and U City, which equally own Prime Area 38, plan to develop a premium condominium project on a plot of land in Soi Sukhumvit 38 in Bangkok. U City informed in the filing that the value of the land is about 1.5 billion baht ($45.45 million).

“The land is in the strategic location as it is near Thonglor BTS station. Having Sansiri as a joint venture partner, we are confident that the project will be successfully developed as Sansiri has an effective marketing team and proficiency in real estate development market,” said Piyaporn Phanachet, CEO of U City.

Meanwhile, Sansiri’s president Srettha Thavisin recently told the media that the firm projects that pre-sales revenue in the fourth quarter will reach 16 billion baht ($484.8 million), following the recovery of economic outlook and demand in the market.

It reported 24 billion baht ($727.3 million) in pre-sales for the first three quarters of this year, rising 20 per cent from the same period last year. Around 14 billion baht ($424.2 million) was generated from condominium business and the rest 10 billion baht ($303 million) from low-rise development projects.

Also read:

Thailand’s Sansiri invests $80m in six global startups including Standard International, Monocle, JustCo

Hostmaker raises $15m in Series B round led by Thailand’s Sansiri & HK’s Gaw Capital

Co-working startup JustCo raises $12m from Thai property developer

 

 

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

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Singapore Reporter/s

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).

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

  • 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.