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Bangkok Condo Developed Plans to Expand with IPO Funds

By on Aug 02, 2016 in Property News, Residential

The Bangkok condo developer, Built Land Plc plans to launch 3 projects worth a combined 3 billion THB after raising funds from the stock market by the end of 2016. Chief Executive Chairat Thampeera said proceeds from an Initial Public Offering (IPO) would enable the company to expand.

Built Land is a subsidiary of SET-listed contractor Pre-Built PLC. Built Land is expecting to have an IPO placed in the fourth quarter. After the IPO the plans are to have 2.57 billion THB in presales and 2 billion THB in revenue in 2017. This is an increase from 1.5 billion and 1.8 billion for 2016. In 2015 Built Land recorded 700 million in presales and 234 million in revenue.

In the first half of 2016 Built Land launched 2 projects – Tempo Quad Condo in the Saphan Mai area worth 400 million baht and now 50% sold and The Ritmo Chaiyapruek-Wongwaen in the Bang Kruai-Sao Noi area worth 1 billion baht. “The property market in the first half was unfavorable due to the sluggish economy but projects near mass transit lines had a good sales rate,” Mr Chairat said.

Source: Bangkok Post, 21st July 2016
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