Bina Puri Holdings Bhd has entered into a joint venture (JV) with Thai-based UFUN Group Ltd and a Chinese investor Tang Cong Shu to develop Bangkok Marina Resort & Spa in Thailand, which has an estimated gross development value (GDV) of 2 billion baht (RM200 million).
Bina Puri, via 49%-owned associate Bina Puri Holdings (Thailand) Ltd, yesterday signed an agreement with UFUN and Tang for the purpose. Bina Puri will have a 56% stake in the JV company called Bangkok Property Co Ltd, while UFUN will own 29% and Tang the remaining 15%.
The project will be funded with internal funds and bank loans.
Bina Puri Properties Sdn Bhd chairman Tan Sri James Foong Cheng Yuen said UFUN’s participation in the project will assist Bangkok Property Co in sales of the new leisure centre in Bangkok, which is easily accessible to the Bangkok international airport and nearby tourist attractions.
He added that Tang is a successful entrepreneur in China with large property investments, especially in Guangzhou. Tang is also the Guangzhou Business Chamber Association chairman.
Construction on the project is expected to start in the first quarter of 2014 and will take three years to complete, with operations slated to begin in the first quarter of 2017.
Bina Puri Holdings (Thailand) executive director Leong Keh Soon said the total land to be developed under the first phase is 768,542 sq ft and it will have 817 units, mainly residential.
“We’re able to acquire (another) 100 acres to 500 acres for future development, which includes a water park, marina centre and foreign villages,” Leong said after the signing ceremony here yesterday.
It is targeting to sell 500 units to UFUN members in three months and upon the project’s completion, Leong said, Bangkok Property Co expects a 20% to 30% profit margin.
This latest project will bring Bina Puri Group’s total GDV to RM2.88 billion.
Bina Puri’s other ongoing project in Thailand is the proposed design and building of the Unilever Distribution Centre 2 in Bangkok.
With a 10-year presence in Thailand, Bina Puri has completed 25 projects there, including 20,000 residential properties for the National Housing Authority Thailand.
