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Singha Estate takes over Sun Towers

By on Jul 24, 2015 in Investment-Land, Property News

Max Future Co, a subsidiary of Singha Estate Plc, completed the transfer of the Bt4.5-billion Sun Towers office project from Sun Towers Co on Wednesday, according to its filing to the Stock Exchange of Thailand yesterday.

This is part of its strategy to acquire businesses worth Bt16.5 billion in the rest of this year.

Naris Cheyklin, CEO of Singha Estate, said in a press release that this investment was done according to the company’s business plan and it has gained the company another quality asset for its office building unit.

Sun Towers will immediately generate profits and recurring income.

Besides two hotels – Santiburi Beach Resort and Spa in Samui and PP Island Village Beach Resort in Krabi – Sun Towers responds to the company’s policy of profit and income-making while Singha Complex on Asoke-New Phetchaburi Road and other residential projects are under construction.

They will be ready for revenue recognition in two to three years.

Sun Towers are large, grade A office building projects with utility space of 122,965 square metres on almost six rai of freehold land in the heart of northern Bangkok.

This prime location on Vibhavadi-Rangsit Road is an advantage because it is the centre of mass transport, both the Skytrain and the subway. It comprise two towers – 33-floor Tower A and 41-floor Tower B.

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Source: The Nation – 24 July 2015

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