Stock Exchange of Thailand-listed property and e-commerce operator Asset Bright has purchased the assets and liabilities of Bangkok serviced apartment operator Orchid View for THB 700 million.
According to a statement to Thai Stock Exchange late last week, Asset Bright also intends to invest THB 50 million baht to renovate the 22-year-old 25-storey development with 41-rooms in Sukhumvit Soi 33 with the expectation of creating higher rental income.
The statement lists current rentals for units as being between THB 80,000 and THB 180,000 per room per month.
Asset Bright currently runs two businesses, property and e-commerce. In terms of real estate it owns two condominiums in Bangkok – Bann Navatara River Life (pictured) and Bann Sathorn Chaopraya.
Its e-commerce business enjoys alliances to undertake property e-auctions.
