Frasers Centrepoint Limited (FCL) has expanded its overseas business to Thailand, following the success of its venture into China, Britain and Australia.
The property firm on Monday announced that it has inked a deal linked to the Sirivadhanabhakdi family. Notably, Charoen Sirivadhanabhakdi’s TCC Group is a major shareholder of FCL.
In a statement, FCL revealed plans to pay around S$196 million for a 29.5 percent stake in Golden Land Property Development, a Thai-listed company. Univentures, a company controlled by two of sons of Charoen, is Golden Land’s major shareholder.
FCL noted that Golden Land is a good fit for the company since it has a “shared philosophy”, that is to establish a real estate investment trust platform and to capture the broad-based residential market within the mid-income segment.
“We can capitalise on (TCC Group’s) connections and ability to execute projects in Thailand; at the same time, they like our corporate governance and management expertise,” said FCL chief executive Lim Ee Seng.
The group saw its overseas contributions increase to 55.3 percent of operating profit as at 30 September from 42.7 percent a year ago. With the group continuing its overseas expansion, FCL chief financial officer Chia Khong Shoong believes that the figure could hit 60 percent in the medium term.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg