Thailand-based Singha Estate’s subsidiary buys Sun Towers in Bangkok

Singha Group logo, as represented on web site

Max Future Co, a subsidiary of the Thailand-based Singha Estate PCL, has acquired the 4.5-billion-baht Sun Towers office building from Sun Towers last week, according a filing at the Stock Exchange of Thailand.

The company’s press release statement said that the investment was done according to the company’s business plan and it has gained another quality asset for its office building unit.

“Besides two hotels, which are Santi Buri Samui Hotel and PP Island Village Beach Resort, Sun Towers will be another project that generates recurring income for the company, while the condominium and Singha Complex are undergoing construction and will be completed in the next two to three years,” Naris Cheyklin, CEO of Singha Estate, said.

The Sun Towers project, with total utilised space of 122,965 square metres, comprises of two buildings – a 33-storey Sun Towers A and a 41-storey Sun Towers B. Located in the prime area north of Bangkok, it is within the walking distance of various mass transits.

On Friday, the company also reported to the Stock Exchange that it had formed another subsidiary, S Estate Commercial Inter Co, in order to operate and invest in the property business.

The new subsidiary has a registered capital of 4.062 billion baht, divided into 40.62 million ordinary shares, with a par value of 100 baht.

Singha Estates holds 99 per cent of total registered capital, it cited.

Related stories:

Singha Estate to acquire three assets for $530m this year

Thailand’s Singha Estate to partner Nirvana through a share swap deal

Thailand’s Singha Estate to invest $3b in 5 years

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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.