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Thailand Property Investment – TCC Slashes Annual Investment Budget

By on Mar 12, 2014 in Property News

TCC Land, the property firm owned by liquor tycoon Charoen Sirivadhanabhakdi, has cut this year’s investment budget for new projects by 40% to 3 billion baht due to the political crisis and economic uncertainty.

Chief executive Tor Traisorat said the company froze investment on a second riverside commercial project which it earlier planned to spend 2 billion baht this year to develop, saying it is the large-scale project which is not suitable to invest in due to uncertainties.

The project was earlier planned to be the second Asiatique. It would be located on a 29-rai site on Charoen Nakhon Soi 17 on the bank of the Chao Phraya opposite Asiatique the Riverfront, which is located on Charoen Krung Road.

Under the former plan which would take over two years to develop, the project would comprise a three- or four-star hotel, convention centre and retail spaces. It would support the first Asiatique on another side of the river.

Both would be linked by cable car across the river it planned to build.

“We will develop a second Asiatique in the provinces instead as tourism in resort destinations are less affected by political problems than Bangkok,” said Mr Tor, also a son-in-law of Mr Charoen.

A second and third Asiatique will be located in Hua Hin and Chiang Mai, with investment planned for next year.

“We’re still confident in the country’s potential, but this may not be the right time to invest heavily to develop new projects, particularly a large one,” he said yesterday. “We’ll revise plans for the Charoen Nakhon site and resume investment next year.”

The 3-billion-baht investment earmarked for development of new projects this year will include a regional creative hub on a 300-rai site in the Kaset-Nawamin area that will comprise an entertainment complex, design centre and arts and cultural centre.

There will be a community mall and a boutique hotel with investment of 200 million baht on four rai in the Thewes area.

A 10-rai site adjacent to SCB Park in the Ratchayothin area will be developed as a community mall, with spending of 100 million baht.

Em Space@Empire, a new lifestyle retail space in front of the company’s Empire Tower on Sathon Road will be opened this year, Mr Tor said.

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Source | Bangkok Post 12 March 2014

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