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.