Singapore property buyers and investors have been dragged into the
ongoing political tensions in Thailand following an announcement on
Wednesday by the leader of the People’s Democratic Reform Committee
(PDRC) to withdraw investments from companies related to the Shinawatra
family.
PropertyGuru understands that more than 100
Singaporeans have invested in Bangkok property developments of SC Asset –
a property developer with a majority shareholding by the family.
Current Thailand Prime Minister Yingluck Shinawatra was also previously
the Chief Executive Officer of the listed developer prior to entering
politics.
During 2012 and 2013, SC Asset exhibited The Crest
Sukhumvit 24 and The Crest Sukhumvit 49 in Singapore, and in July 2012
an overseas property exhibition in the city state for The Crest
Sukhumvit 24 recorded 52 sales to local buyers in the space of two days.
One investor who spoke to PropertyGuru on condition of anonymity said he was previously unaware of the Shinawatra link to his Thailand property investment, and added he was monitoring the situation closely before taking any action.
On
Wednesday (February 19) shares of the company fell more than 4 percent,
while yesterday (February 20) saw a further 5 percent decline. This
follows a call by Suthep Thaugsuban, the leader of the PDRC, for
opposition supporters to withdraw investments and boycott
Shinawatra-related companies.
At a rally in Bangkok on Wednesday
night, he told his supporters: "“If you love your country, stop using
Shinawatra products and do everything you can so that their business
fails.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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