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Singapore’s City Development to expand in Thailand and beyond

Singapore headquartered City Development has budgeted US$600 million (THB18 billion) to develop residential projects and take over hotels and resorts in Thailand and other Asian markets, according to The Nation.

Suchad Chiaranussati, director of M Residence, a subsidiary of City Development in Thailand, said the parent company had a policy to expand its investment in Asia, including in Thailand, Japan, Hong Kong and Singapore, by focusing on developing residential projects and its hospitality business.

In Thailand, the company next month will sign a contract worth between THB1.4 billion and THB1.5 billion (US$47-50 million) to buy Laguna Beach Resort Phuket.

The company also bought three condominium buildings worth THB238 million (US$7.9 million) combined from Thai Asset Managment Corp last December. The properties are on Chaeng Wattana Road in Muang Thong Thani.

It plans to renovate the buildings and use the new brand M Society Condominium. Presales worth THB2 billion (US$66.7 million) will be opened at the end of this year at prices from THB990,000 to THB2.9 million (US$33,000-97,000) per unit. The company expects presales of at least 55 per cent of the market value, Suchad said.

Source: The Nation

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