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Samirano to build hotel, retail centre

The Nation February 24, 2009 Samirano Group's director Anand Singjirakul with picture of its five property projects. Diversified textile company confident of economic recovery in the near future Property firm the Samirano Group plans to launch two new projects this year, including a second "hip" hotel and a retail project, together worth between Bt2 billion and Bt3 billion. More than a half of the investment for the new projects, which will add to the company's long-term income prospects, will come from Samirano's own cash. The rest will be borrowed from banks. Director, Anand Singjirakul said Samirano believed Thailand's economy would recover from the present slump, so it decided to expand its investment on the completion of five other projects. The company's new hotel will rise on a 300-square-wah block of land on Sukhumvit Roadnear the Asoke Intersection. The second project will be either a retail or mixed-use development; the final plan is still under consideration. However, it will be built on a 2-rai block on Sukhumvit Road near Soi 55 (Soi Thonglor), Anand said. The projects have been chosen for their ability to produce better long-term revenue than condominium developments, which currently face high competition. The Samirano Group diversified from the textile industry to the property business in 2005. Its first project, a serviced-apartment building called The Alcove Residence Thonglor 23, now has 100-per-cent occupancy and is generating about Bt14 million in revenue per year. The group launched four property projects worth Bt2 billion in 2007. They included its first "hip" hotel, The Alcove Hiptique at Sukhumvit 13; another serviced-apartment block, The Alcove Thonglor 5; and two condominiums, The Alcove Sukhumvit 49 and The Elegance Alcove at Thonglor 10.

 

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