22 Jul 2015

Singha Estate moves forward, adds Suntowers into office building business

Singha Estate Public Company Limited has accomplished an agreement in investing in Suntowers office project which Max Future Company Limited, a subsidiary company of Singha Estate Plc., has completed its contract for Entire Business Transfer or EBT on 22 July 2015.

Mr. Naris Cheyklin, a CEO of Singha Estate Public Company Limited, says this investment is done according to the company’s business plan and it has gained the company another quality asset for office building unit. Suntowers will immediately generate profits and also create recurring income. Aside from 2 hotels, Santiburi Beach Resort and Spa in Samui and PP Island Village Beach Resort in Krabi, Suntowers will be another project that responds to company’s policy of profit and income making while Singha Complex on Asoke-New Petchburi road and other residential projects are during its construction, which will be ready for revenue recognition in the next 2 to 3 years.

"Suntowers are the large, grade A office building projects with utility space of 122,965 square meters on almost 6-rai freehold land in the heart of northern Bangkok. This prime location on Vipawadee-Rangsit road is an advantage because it is the center of mass transportation, both the BTS and the MRT. Suntowers comprise of 2 towers, a 33-floor Tower A and a 41-floor Tower B. Aside from office space, there are also fully equipped facilities, for instance, meeting rooms, a fitness center, a helipad and also shopping zone, Sun Plaza 1. Moreover, Suntowers has rented more land of 8-rai, which equal to 62,640 square meters for its expansion of Sun Plaza 2 and more parking spaces, so the towers will ensure 1,426 parking spaces in total.

Furthermore, this project has a superb building management and tenant service, which will eventually top and add value to a hi-end target tenant, Singha Complex project that is scheduled to be completed in 2017.

Therefore, this investment is a very important step for Singha Estate and will enhance the company to spontaneously invest in potential assets which conform to Singha Estate policy and will finally benefit the company in expanding its business into other type of real estate assets in the future,” says Mr. Naris.

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