Land & Houses Public Company Limited announced plans to issue a debenture worth THB 8 billion. In an article in The Nation, Land & Houses managing director Adisorn Thananum-Narapool said that half of the debenture would be issued in the first half of this year, and the rest in the second half. Also, up to 70 percent of the total will be used to pay back a debenture that expires this year, while the rest will support business expansion over the next two years.
The company has currently set aside an investment budget of THB 9 billion — of which THB 7 billion will be used to buy land for developing residential projects in 2015 and 2016, and THB 2 billion will be applied towards the company’s rental income businesses, such as serviced apartments and other hospitality ventures located both in the country and overseas.
Land & Houses also plans to issue a property fund worth nearly THB 10 billion this year, which had been delayed from a late 2013 launch. A real estate investment trust (REIT) is also under consideration.
Capital raised from the debenture issue and property fund will be used to develop 21 new residential projects, including detached houses, condominiums and townhouses, worth THB 35 billion this year. While most of the developments are in Bangkok, seven projects will be located in the provinces, including Chiang Mai, Khon Kaen, Maha Sarakham, Udon Thani and Chiang Rai.