Thai retailer Platinum Group plans to fund property development biz via REIT

Visual of The Market By Platinum project from the company's website

Thailand-based wholesale and retail shopping mall The Platinum Group (PLAT) plans to acquire more property projects next year as a part of diversifying itself into a commercial property developer.

The acquisition will focus on four types of properties – real estate, hotels, shopping centres and office buildings.

“We are negotiating with more than 10 companies at the moment. We expect to seal at least one deal next year,” PLAT’s president Chanchai Phansopha told DEALSTREETASIA.

Additionally, it is considering raising fund through a real estate investment trust (REIT) in a bid to use the proceeds for its future expansion.

PLAT has allocated the budget of 12 billion baht for its 5-year investment plan. Of the total, it will spend around 10 billion baht on developing The Market By Platinum and 1.2 billion baht on constructing Holiday Inn Express and Holiday Inn Resort on Samui Island.

The Market By Platinum is the first air-conditioned market in the heart of Bangkok with more than 3,000 shops, including a 30,000 square metre space of office on rent. The project will take around 30 months to complete.

Half of this fund will come from its working capital and the rest from bank loans, he said.

This year, it has made the net profit of 458.13 million baht in the first nine months, higher than 438.46 million baht of the net profit for the whole year in 2014, because it has increased the rental fee by 6 per cent and lowered the overall operational cost.

He added that the revenue this year will be higher than 1.44 billion baht and it hopes to register a double-digit growth in 2016.

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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. 
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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.