Golden Land ties up with Frasers
GOLDEN LAND has joined hand with Frasers Property to utilise innovations, international development and international standards to support its property projects in Thailand.
Thanapol Sirithanachai, president of Golden Land Property Development, said the firm in collaboration with Frasers Property, a Singapore-based property company, has formed a company named “Golden Land-Frasers Synergy”. This is aimed at achieving its corporate mission of becoming one of the top five real estate companies in Thailand in terms of revenue by 2020’.
He added that this year, the firm aims to “add value” as its annual strategic business plan focusing on the integration of expertise and management knowledge about developing real estate in Thailand together with international development, investment and management experience from Frasers Property. The collaboration between the companies is growing continuously and is more tangible in the form of co-investment and co-development. The firm will utilise know-how from Frasers Property to develop mixed-use property projects.
The main products for this year are middle class low-rises, including single houses, with units priced at Bt7 million to Bt10 million, semi-detached houses with units priced at Bt4 million to Bt7 million, and townhomes with units priced at Bt2 million to Bt4 million. Moreover, the company expects that Samyan Mitrtown, the mixed-use project development at the Phya Thai-Rama IV intersection, which is under construction, will achieve 60 per cent completion within this year.
“Thailand’s real estate market is still growing, especially middle class low-rise residential developments. We have strengthened our collaboration with Frasers Property Limited, a multi-national company that owns, develops and manages a diverse, integrated portfolio of properties, to expand its knowledge in retail business to an international level,” said the president.
The firm by the end of this year expects to gain revenue of Bt17.8 billion, growing 37 per cent year on year.
“Urban and real estate development in Singapore are globally recognised, specifically commercial developments in the heart of the city. Due to the exorbitant land price, the developers have to maximise land use, which has led to the creation of many interesting innovations in the real restate industry.
“We believe that we can apply those innovations to our project development in Bangkok with an annual average land price growth of around 10-15 per cent. Moreover, other properties such as residential and Grade-A offices are among assets which interest Singaporean investors.
They tend to consider investing in those assets via a Real Estate Investment Trust [REIT]. By integrating the international management know-how in REIT from Frasers Property and applying to Thailand’s business model, it will boost the competency in sustainable growth of Golden Land,” added Thanapol.
Frasers Property’s assets range from residential, retail, commercial and business parks, to industrial and logistics in Singapore, Australia, Europe, China and Southeast Asia. Its well-established hospitality business owns and/or operates serviced apartments and hotels in over 80 cities across Asia, Australia, Europe, the Middle East and Africa.
Frasers Property became a shareholder of Golden Land in 2016, and presently Frasers Property Holdings (Thailand) holds approximately 39.9 per cent of the shares.