The Phuket News Premier League predictions The Phuket News Kata Rocks The Phuket News
The Phuket News Business News
The Phuket News Phuket | Thailand | World | Business | Q&A | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

Tesco enters JV for property development in Thailand

PHUKET: British retail giant Tesco has set up a joint venture with Central Pattana Plc (CPN), the Central Group property and retail developer listed on the Stock Exchange of Thailand (SET), to co-develop property in the Thai market.

property, construction, economics,


Bangkok Post

Thursday 7 September 2017, 04:23PM


A branch of Tesco Lotus Hypermarket. Photo: Bangkok Post / file
A branch of Tesco Lotus Hypermarket. Photo: Bangkok Post / file

CPN on Tuesday (Sept 5) notified the SET that the company will set up a new joint-venture company called Synergistic Property Development Co Ltd to support the business expansion.

The new joint-venture has registered capital of B100,000 with ordinary share capital of 1,000 shares at a par value of B100 each.

CPN holds a 50% stake in the joint venture company, while the other 50% belongs to Ek-Chai Distribution System Co, the operator of Tesco Lotus hypermarkets in Thailand.

Nattakit Tangpoonsinthana, CPN Executive Vice-President for Marketing, said the new company will be set up to expand business in the future. Details of the business model to be developed under the new company are under study, he said.

A source in the market said Tesco had been interested in expanding into the property segment for several years.

The source noted that Tesco Lotus’s Rama 4 location is a prospective serviced-apartment development for the company.

However, Tesco did not confirm the plan and refused to give any further details on the joint venture.

A source in the retail industry said both retailers want to extend into the property sector to gain more sales and profits because the competition in the retail market is fierce.

CPN branched out into property development many years ago.

Naparat Sriwanvit, CPN Chief Financial Officer, told investors during “Opportunity Day at the SET” that the company has aggressively expanded its property business in order to increase revenue and make better use of its assets.

CPN has outlined the development of two condominium projects every year from 2018 to 2020. Each project will be a high-rise condominium with about 400 units.

The company is set to spend B11 billion to develop residential projects during 2017-20 despite fierce competition in Bangkok and sluggish housing demand upcountry.

Of the total budget, it will spend B1.7bn to develop new residential projects next year. Budgets of B2.6bn, B3.2bn and B3.5bn have been allocated for 2018, 2019 and 2020, respectively.

CPN shares closed on the SET yesterday (Sept 6) at B71.50, down 75 satang (B0.75) in trade worth B328mn.

 

Read original story here.

 

 

The Phuket News
The Phuket News
Comment on this story
* Please login to comment. If you do not have an account please register below by simply entering a username, password and email address. You can still leave your comment below at the same time.
Comments Here:

Comments Left: Characters
Username:
Password:
E-mail: (No Hotmail, Live, MSN and Outlook accepted at this time)
Security:
   => Forget password?

Be the first to comment.

The Phuket News
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Have a news tip-off? Click here
The Phuket News
Related stories
The Phuket News
Phuket community

Recent Comments


Phuket campaign targets Patong hotels for illegal wastewater discharge

Hotels and locals which illegal discharge wastewater are very shortsighted and cut in their own flesh and should take responsibility for their action,...(Read More)


Nai Thon residents call for action over untreated wastewater

It is going to take a long time before the residents, tourists see the beach to return to its original condition It is all about tea money, kick back...(Read More)


Phuket campaign targets Patong hotels for illegal wastewater discharge

Total farce, and like all previous water testing exercises, this will yield nothing. All this does is show just how incapable Patong officials are in ...(Read More)


PLTO approves Phuket Smart Bus for operation, service to begin Feb 28

Glad that brand new buses driven by professional drivers met the tough scrutiny of PLTO (cough, cough). I look forward to seeing a new, fresh and des...(Read More)


All About Buddhism: Buddhism to go

This guy sounds like another “enlightened” farang beg-packer cum English teacher. Absolutely ridiculous. “When a young man first conceives t...(Read More)


Phuket Int’l Airport responds to air-con complaint

One last reason that tourists can't wait to get on a plane and leave this place. It is a shame that tourists first and last impressions of Phuket...(Read More)


Anuphas Vividhkarn’s withdrawal leaves Phuket without Honda dealers

What an appalling attitude! "Asked specifically about Honda upholding its warranties for new vehicle owners, Mr Montawee said plainly, “If i...(Read More)


Phuket officials confirm new medical certificates required for driving licences

Difficult to comprehend just how Phuket wants well heeled tourists going by the masses of cheap Charlie budget Chinese & Russians flooding the isl...(Read More)


PLTO approves Phuket Smart Bus for operation, service to begin Feb 28

Wonderful news - good luck to this business - I am so excited to be able to use it. ...(Read More)


Anuphas Vividhkarn’s withdrawal leaves Phuket without Honda dealers

A great example of why monopolies don’t work and why competition is essential. I wonder what will happen to Ford and Mazda showrooms also owned by A...(Read More)

The Phuket News
PHUKET NEWS
Phuket
Thailand
World
Business
Q A
Weird World
ARCHIVE
POLL
CURRENCY
WEATHER
PHUKET TIDE TABLE
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Community
Phuket Culture
Phuket Dining
Phuket Education
Phuket Entertainment
Phuket Environment
Phuket Health
Phuket People
Phuket Technology
Phuket Travel
World Entertainment
Photo Galleries
The Phuket News PHUKET SPORT
Phuket
Thailand
World
SURF REPORT
PREDICTIONS
The Phuket News PHUKET CLASSIFIEDS
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
SEARCH CLASSIFIEDS
POST CLASSIFIED
The Phuket News The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Buy Tickets
POST EVENT
The Phuket News PHUKET DIRECTORY
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
POST LISTING
The Phuket News BARGAINS
The Phuket News ABOUT US
The Company
Distribution points
Subscribe
Advertise with us
Pay for advert
Contact us
CONTESTS
Content Google Map
Site map
Australian Visa Services
 
Currency - The Phuket News   Weather Report - The Phuket News   Surf Report - The Phuket News
LinkedIn - The Phuket News   Twitter - The Phuket News   YouTube - The Phuket News   Facebook - The Phuket News
Copyright © 2018 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.