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UV pressing forward with Golden Land buy – Aiming for more than half of asset-rich firm

By on Sep 11, 2012 in Property News

Univentures Plc (UV) is moving forward to buy more shares of Golden Land Property Development Plc with an aim to have more than a 50% stake.

“It’s will be a win-win situation for both of us if UV’s attempt to buy more Golden Land shares is successful,” said Thanapol Sirithanachai, the managing director of UV.

Golden Land is attractive for UV because it has many luxury assets in the central business district (CBD) and other prime locations in Bangkok.

The best assets are on Sathon Road near Chong Nonsi BTS station including Sathorn Square, a 40-storey grade-A office building with 73,000 square metres, and the W Bangkok Hotel, set to open in the fourth quarter.

On the same plot as the W Bangkok, Golden Land is renovating a 130-year-old historic building, formerly the Soviet Embassy, as a luxury restaurant to open in next year’s first quarter. Another asset on Sathon is the Ascott Sathorn, with 177 serviced apartment units.

On Lang Suan Road, Golden Land has the Mayfair Marriott Executive Apartments, with 163 units.

CBD projects include the Goldenland Building, an 11,000-square-metre office building on Ratchadamri Road, and a mixed-use project under construction near the Queen Sirikit National Convention Center MRT station.

With plans for completion in 2015, the mixed-use project will have 48,000 sq m of office space, 265 mid-priced hotel rooms and retail space.

For the full article, please visit http://www.bangkokpost.com/business/economics/311825/uv-pressing-forward-with-golden-land-buy

Source : Bangkok Post 11 September 2012

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