Singapore listed property developer Frasers Centrepoint Limited has been given the green light by shareholders of Thailand’s listed real estate developer Golden Land Property Development to acquire 29.5 percent of the company’s shares for THB 4.97 billion.
Lim Ee Seng, Group Chief Executive Officer of Frasers Centrepoint, said in a statement to the Stock Exchange of Thailand: “The investment in Golden Land marks another step forward in our journey of growing overseas and recurring income streams.”
He noted that Bangkok has favourable macro factors that will be positive for real estate over the long -term, and through Golden Land, Frasers will be well-positioned to leverage its controlling shareholders’ home market advantage to access these opportunities.
Golden Land focuses mainly on single- and semi-detached housing and townhouse residential projects in metropolitan Bangkok under its flagship ‘Golden’ brand, as well as mixed-use commercial and hospitality projects primarily located in the central business district of Bangkok.
Golden Land is on the cusp of establishing a real estate investment trust platform, and entering into large-scale mixed-use developments – one of which will a joint-venture project in the Sam Yan area of Bangkok.
The Thai developer also has land bank and residential projects with the potential to yield approximately 7,200 units, and also generates recurring income from a portfolio of seven investment properties, comprising more than 700 keys of serviced apartments and hotel rooms, as well as office space with net lettable area of 84,412 sqm in Bangkok’s central business district.