Pursuing a vision for sustainable growth of the Company, FPT is investing THB 1,800 million to acquire and develop a commercial property at Silom and Rama IV Junction on Silom Road, adjacent to Saladang BTS Station and Silom MRT station. The new leading mixed-use building will consist of office and retail space serving premium office location demands in the market. The Company plans to launch the project in Q4/2022.
This new mixed-used project offers 22 stories and 2 floors of basement parking totalling 49,602 sq.m. With additional assets under management (AUM), this investment will further strengthen the current commercial business' portfolio of five leading commercial buildings (Mitrtown Office Tower, FYI Center, Goldenland, Sathorn Square and Park Venture Ecoplex) operated by Frasers Property Commercial (Thailand), Thailand's leading commercial property developer and a wholly-owned subsidiary of FPT.
Mr. Thanapol Sirithanachai, Country Chief Executive Officer, Frasers Property Thailand, said: "With FPT's vision to grow the Company sustainably, it enables us to seize this investment opportunity for the new project at the right time as a mean to enhance our commercial business' portfolio. This expansion will further secure our source of recurring incomes which will give resilience to the company to thrive over any uncertainties in the future."
Mr. Withawat Koottatep, First Executive Vice President of Commercial Development of Frasers Property Commercial (Thailand), said: "The new project will add 49,000 sq.m. AUM to the portfolio. Once completed, Frasers Property Commercial (Thailand) will have the total AUM of 260,000 sq.m. approximate, which will add more capabilities to generate recurring income for FPT. To ensure our continuing growth, we will remain our service-oriented property management with flexible solutions to serve our tenants and prospect demands."
About Frasers Property (Thailand) Public Company Limited
Frasers Property (Thailand) Public Company Limited ("FPT"), a subsidiary of Frasers Property Group is a leading integrated real estate platform with multi-asset class expertise. FPT through its subsidiary, Golden Land Property Development Public Company Limited ("GOLD") has businesses in Industrial, Residential, Commercial and Hospitality property in Thailand.
FPT is also the sponsor and manager of Thailand's largest industrial REIT, Frasers Property Thailand Industrial Freehold & Leasehold REIT ("FTREIT"), which is focused on industrial and logistics properties in Thailand; while GOLD is a sponsor and property manager of Golden Ventures Leasehold Real Estate Investment Trust ("GVREIT"), a REIT focused on commercial properties. FPT, FTREIT and GVREIT are listed on the Stock Exchange of Thailand.
For more information on FPT, please visit: frasersproperty.co.th
About Frasers Property Limited
Frasers Property Limited ("Frasers Property" and together with its subsidiaries, the "Frasers Property Group" or the "Group"), is a multi-national developer-owner-operator of real estate products and services across the property value chain. Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, the Group has total assets of approximately S$38.7 billion as at 30 September 2020.
Frasers Property's multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities and 20 countries across Asia, Australia, Europe, the Middle East and Africa.
Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties.
The Group is committed to inspiring experiences and creating places for good for its stakeholders. By acting progressively, producing and consuming responsibly, and focusing on people, Frasers Property aspires to raise sustainability ideals across its value chain, and build a more resilient business. It has committed to be a net-zero carbon corporation by 2050. Building on its heritage as well as leveraging its knowledge and capabilities, the Group aims to create lasting shared value for its people, the businesses and communities it serves. Frasers Property believes in the diversity of its people and are invested in promoting a progressive, collaborative and respectful culture.
For more information on Frasers Property, please visit frasersproperty.com or follow us on LinkedIn.
Source: Frasers Property (Thailand)