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Golden Land poised for big cash transfer |
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Saturday, 17 May 2008 |
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Golden Land poised for
big cash transfer
source: Bkk Post May 15 2008
The listed developer Golden Land Property Development Plc expects a cash influx
of 1.5 billion baht this year from the transfer of its super-luxury The Infinity
condominium in the Sathon area, according to CEO William Wilfong.
The amount is 70% of the total value of the 2.2-billion-baht project, but the
company would realise only 5-6% this because most of the revenue was already
recorded between 2006 and 2007.
Mr Wilfong said The Infinity would be finished in time to qualify for the
government-implemented tax and fee reductions, which are set to expire next
March. It expected all 123 units would be transferred within this year.
The average sale price of The Infinity was 130,000 to 135,000 baht per square
with the smallest units at 80 square metres. All units were sold out in 2006.
Golden Land is now constructing its Sathorn Square mixed-use development in the
area adjacent to the condominium. The 10-billion-baht project is expected to be
completed in 2010, with the 39-storey office building to be finished in the
second quarter of 2010. The 400- room W Bangkok Hotel and the former Russian
embassy building that would be restored into a restaurant, entertainment complex
and residential area, would be finished later in that year.
The company has 20% ownership in the hotel development and 100% ownership in the
office building that has 72,000 sq m of rentable space. The projected monthly
rent is 750 baht per sq m, based on current market prices.
Mr Wilfong said Golden Land was planning a project similar to Sathorn Square in
the Pai Singto area on a 63-year leasehold plot opposite the Queen Sirikit
National Convention Center.
GOLD shares closed yesterday on the Stock Exchange of Thailand at 7.60 baht, up
10 satang, in trade worth 182,000 baht.
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