Cyberplanet Interactive Plc (CYBER), Thailand’s listed investment holding in real estate and power industry, is exploring the possibility of developing a property project in Niseko city in Hokkaido, Japan, a top executive in the company told reporters.
After having done a survey in many cities in Japan, it found that Niseko was attractive for property development as it is one of the most popular tourism cities that attracts visitors all year round, chief executive Noppol Milinthanggoon told the media on his second working day in CYBER.
This property project will be developed on the land covering 20-25 rais, and require the investment of around 500 million baht ($151.15 million). Asension Trading, its agent in Japan, will be responsible for exploring and managing the purchase of the land plot for this project.
“Over the last two years, Japan’s property sector has attracted a plenty of investors because its price remains low on average. Meanwhile, investors can generate high revenue from let their property rent,” Milinthanggoon said. . “The selling price is also lower than its actual asset price. Therefore, we are confident that our investment will receive a good return in the future.”
CYBER will finalise the property asset’s evaluation this quarter before it seeks a co-investor to construct and manage this project.
Last year, CYBER was suspended its stock trading for two weeks in October as it had not clarified the reasons for a big lot of private placement (PP) stock issue, raising fund worth 2.915 billion baht ($88.33 millon), up 521% from its paid-up capital 560 million baht ($16.97 million). The PP price was lower than the market price and limited to a group of investors.
After that, the company has restructured the management team including appointing Noppol as a new chief executive officer.
Noppol said he would like to continue the company’s policy to look for opportunities to invest in different types of business as it has a few billion baht cash flow from PP, which should be enough for future investments.
Cyber’s stock price closed at 6.05 baht on Friday, down 5.47 per cent.