SET-listed Country Group Development Plc (CGD) plans to set up its first real estate investment trust (REIT) in the first quarter in a bid to acquire foreign assets.
An artist’s conception of the Landmark Waterfront project on the Chao Phraya River. When finished in late 2018, it will comprise the 73-storey Four Seasons Private Residences Bangkok at Chao Phraya, 312-room Four Seasons Hotel Bangkok at Chao Phraya and 101- room Capella Hotel Bangkok.
The planned REIT will acquire the Anchorage Point data centre in London for 1.3 billion baht. It reportedly is worth 1.35 billion baht and generates annual revenue of 100 million.
A 7% dividend yield is expected, and CGD said the REIT would be used for future property acquisitions.
CGD chief executive Ben Taechaubol said the company's Landmark Waterfront super-luxury residential project would cost 13.6 billion baht to build.
Worth 32 billion baht once completed, the riverside project will be ready in the fourth quarter of 2018.
The 25-year leasehold project is located on 36 rai on the bank of the Chao Phraya River near Charoen Krung Road.
It will comprise a 73-storey condominium (the Four Seasons Private Residences Bangkok at Chao Phraya), the 312-room Four Seasons Hotel Bangkok at Chao Phraya and the 101-room Capella Hotel Bangkok. Condominium units will average 300,000 baht a square metre.
Mr Ben said the supply of super-luxury residences remains insufficient due to the small number of players in this segment. The many new planned riverside projects will help to rehabilitate the environment along the Chao Phraya River.
The Four Seasons Private Residences will feature a mix of floor plans, starting from 115 square metres for a two-bedroom unit and 1,505 sq m for a penthouse.
Mike Crawford, president of Four Seasons Hotels and Resorts Asia Pacific Pte in Singapore, said the company was thrilled to work with CGD to introduce a new standard of luxury living in Bangkok.
The hotel in the Landmark Waterfront will be the only Four Seasons in Bangkok, as the management contract of the Four Seasons Hotel on Ratchadamri Road owned by Minor International Plc ends this March.
CGD shares closed yesterday on the SET at 2.20 baht, unchanged, in trade worth 59.7 million baht.