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Originally Posted by Bangroma-sky
(Post 101010893)
Golden Land's mixed-use focus
President Thanapol Sirithanachai said the company aims to boost revenue from housing development, which contributed 5% of revenue last year, to 50% by 2015. "For residential business, our parent firm Univentures Plc refocused us to develop low-rise projects while condos will be developed by our sister company Grand Unity Co," he said. Golden Land has 19 units on Bang Na-Trat Road, seven at a Rama IX site and one at the Pin Klao project remaining for sale, all luxury single homes. It will shift from high-priced to mid-priced projects of around 5 million baht a unit and expects to have at least 5 billion baht in revenue from the housing business over the next three years. Golden Land has had consecutive losses during the past four years. Last year it had a net loss of 613.06 million baht on revenue of 1.61 billion baht, compared with a net loss of 231.45 million baht on 1.18 billion baht in 2011. The company still has enough cash for investment in new land plots this year, while the mixed-use project will be financed by bank loans, said Mr Thanapol, also a director of Univentures. The mixed-use project will have office and hotel elements on a nearly nine-rai site at the corner of Ratchadaphisek Road and Rama IV Road, opposite the Stock Exchange of Thailand. With a total lettable area of 100,000 square metres, the project will be valued at 4.7 billion baht. The company recently restarted a 30-year leasehold contract with the Crown Property Bureau (CPB). Golden Land will also spend 20-30 million baht to renovate some of its existing properties, including the Goldenland office building on Soi Mahad Lek Luang 1, a plot it leases from Privy Purse with 10 years remaining. There are also two serviced apartment complexes: the Mayfair Marriott worth 206 million baht on Soi Lang Suan, on a plot leased from Privy Purse; and the Ascott Sathorn worth 2.23 billion baht, on a plot leased from a foundation. Newer properties include the W Hotel worth 5.8 billion baht, in which Golden Land holds 20%; and the Sathorn Square office building worth 4.4 billion baht. Located near Chong Nonsi BTS station, both are on plots leased from the CPB. Only two properties are on freehold plots: Inchcape, a non-used warehouse on 31 rai on Ramkhamhaeng Road with a land value of 797 million baht; and Panorama Golf Course worth 693 million baht, occupying 2,096 rai in the Sikhiu district of Nakhon Ratchasima. http://www.bangkokpost.com/business/...ixed-use-focus |