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Golden Land selling Bt2.4 bn assets

By on May 11, 2014 in Property News, Residential

Golden Land Property Development, one of the firms owned by the family of beverage tycoon Charoen Sirivadhanabhakdi, plans to sell Bt2.4 billion worth of assets, including its upcountry land bank, to reduce its debt and to raise cash to develop residential projects in Greater Bangkok over the next few years.  The company will spend the proceeds to pay back some of its debt and to buy land for development from 2015-2017. Some of the cash will be used to develop its Bt5-billion FYI Center office and hotel project on Rama IV Road in Bangkok.

A total of 31 rai (5 hectares) on Ramkhamhaeng Road worth Bt980 million will be sold to Sirisub Patthana Co, a property firm owned by Golden Land’s major shareholder Charoen Sirivadhanabhakdi, along with 154 rai in Chiang Rai worth Bt175 million.  Negotiations are in progress for the sale of 118 rai in Muang district of Krabi province worth about Bt250 million, 213 rai in Thap Sakae district of Prachuap Khiri Khan worth Bt150 million, and 87 rai in Ban Chang district of Rayong province. These deals will be completed this year, Thanapol said.

Three of this year’s 10 projects were launched in the first quarter, and the remaining seven will launch in the second half, Thanapol said.

Golden Land Property Development recorded revenue of Bt1.59 billion and a net loss of Bt430.43 million last year.

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