Singapore-based CapitaLand has sold off its 40-per-cent stake in joint-venture firm TCC Capital Land to TCC Land Co, according to a news release yesterday.
TCC Capital Land’s chief exe-cutive officer and managing |director, Soammaphat Traisorat, said in the release that his com-pany had paid cash to buy the Bt2.33-billion stake from CapitaLand.
After the deal, TCC Land Co, owned by beverage tycoon Charoen Siriwattanabhakdi, will hold 100 per cent of TCC Capital Land.
“Although CapitaLand has |sold a major stake in TCC Capital Land Ltd, the relationship between TCC Land and CapitaLand remains strong,” Soammaphat said.
Now that TCC Land holds 100 per cent of TCC Capital Land, it will, in conjunction with other TCC Group business units – the hospitality group, the retail business and the office building group – jointly promote mixed-use development projects that will fit today’s dynamic lifestyles, he said.
The first development under the new management will be in Pattaya. The project comprises a condominium, a serviced apartment/timeshare, a hotel and retail business on a 150-rai (24-hectare) plot. This project is worth more than Bt10 billion and the development process will commence in the third quarter of the year.
“I believe that with the involvement and experience of the TCC Group in real-estate business, together with the group’s financial strength, TCC Capital Land will move into a new era of residential mixed-use development with emphasis on quality and design,” Soammaphat said.
To date, TCC Capital Land has successfully launched 10 condominium and housing projects. These are Athenee Residence on Wireless Road, Villa Rachakhru |at Paholyothin, The Empire Place at Narathiwat, The Emporio Place on Sukhumvit Soi 24, Villa Ratchathewi at Phayathai Road, Villa Sathorn at Krungthonburi, North Park Place at Ratchaphruek on Vibhavadi-Rangsit Road, Villa Asoke on Phetchaburi Road, S&S Sukhumvit on Sukhumvit 101/1 Road and a premium detached-house project, The Royal Residence on Kaset-Navamin Road.
TCC Land Co set up the joint-venture firm with CapitaLand in 2008 with registered capital of Bt3.8 billion.