Chewathai Plc, an associate of Singapore-listed TEE Land, has secured a sale and purchase agreement with vendors Siriwan Phanichewa and Siriluk Phanichewa to acquire the freehold interest in 6,544 sqm of land in Bangkok for THB 316.3 million (S$12.4 million).
Chewathai plans to develop the site into a high-rise condominium development.
In a statement, the group revealed that the proposed acquisition is part of Chewathai’s strategy of building up a portfolio of development properties under its listing plan.
To be completed in July 2016, the agreement is subject to engineering, legal, marketing and financial due diligence, and will be financed by Chewathai using internal funds and bank borrowings.
The deal is not expected to have any material impact on the group’s earnings per share or net tangible assets for the financial year ending 31 May 2016.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
