17 July 2015, Singha Estate Public Company Limited announces its 1st quarter outcome and also emphasize on former policy of effectively looking for decent business partners and invest in high potential assets including; hotels, condominiums, residential and office buildings.
Mr. Naris Cheyklin, a CEO of Singha Estate Public Company Limited, says the overall perspective of the 2015 second half in real estate industry is still doing well for high purchasing power target market despite the deceleration of the economy. Singha Estate has prepared for such circumstances and now targeting at launching premium projects by the end of the year, for instance; Asoke condominium, a mix-used Singha Complex on Asoke-Petchburi road. These are not including projects from a partner, Nirvana Development, who will launch 2-3 projects by the end of 2015 as well.
“For 2016, Singha Estate will still pursue the same plan in operating our business, which focusing in all dimensions. Moreover, we will still emphasis on our core concept of “Best in Class” and invest in high potential assets as well as seeking for business partners who are ready to sustainably and enduringly grow together with us,” say Mr. Naris.
For residential, Mr. Nattavuth Mathayomchan , a Chief Residential Development Officer of Singha Estate Plc. says the company is going to launch a condominium project on Asoke, which is a very prime location. The project values 4,500 million baht and will be ready to launch on the 3rd quarter this year. As for next year, there will be 4 new projects at a total budget of 10,000 million baht, 3 of which are condominiums and another one is a detached house project.
Singha Estate ‘s 1st quarter performance is 300 million baht income with overall assets of 10,341 million baht, says Mr. Methee Vinichbutr, Chief Financial Officer of Singha Estate Plc. The above numbers are not including a performance and assets of the partner, Nirvana Development, which Singha Estate has held 51% of the shares in Nirvana since 28 April 2015.
The numbers are also not including 2,450 million baht cash from Right Offerings in June. This investment will enhance the company to spontaneously invest in potential assets which conform to Singha Estate policy and will increase company’s cash flow and income.