Thailand: Grand Uniland to sell Samyan project into new REIT

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Grand Uniland Co, a Thai property developer, plans to sell its community mall, I’m Park @ Samyan, worth 700 million baht ($21 million) into a real estate investment trust (REIT) in order to use the proceeds to develop other projects.

The company’s president Suwan Lertpunyaroj said that the REIT will be jointly formed with another developer, who will convert another community mall worth 800 million baht into the REIT.

He said Grand Uniland will share a 15 per cent stake in the REIT. It plans to submit a filing to the Securities and Exchange Commission by the end of this year and launch the REIT in the second quarter of next year. Bualuang Securities is the financial advisor.

Lertpunyaroj said that it targets to develop 10 community malls within a decade, up from two existing community malls, ONE @ Bobae and I’m Park @ Samyan.

The latter has been operational for three years. It has a total rental space of 20,000 square metres and an occupancy rate of 95 per cent. The rental rate is 1,000 baht per square metre per month on average.

It recently launched I’m China Town, a new mixed-use project with an investment of 4 billion baht ($120 million). The project will be located in the China Town area, close to Wat Mangkorn MRT station, for a lease of 60 years and will be completed in the first quarter of 2019.

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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.