Land and Houses Plc (LH), an A-listed property developer in Thailand, had plans to invest 14 billion baht for constructing Terminal 21 shopping centres in Phuket and Pattaya.
The two shopping malls had an estimated investment value of 7-billion baht each, in comparison to the 3-billion baht costs of the first Terminal 21 in Bangkok. This was said by LH Chairman AnantAsavabhokin, in the hope of building a hotel near Terminal 21, withouttime frame for construction.
The new malls were part of the company’s 20-billion baht expansion plan for over the next 6 years. Another project in the pipeline was Terminal 21 in Korat. According to the LH Chairman, the mall began its construction in NakhonRatchasima in 2016.
Mr. Anant spoke greatly about the retail business, specifically the upcountry, and had utilized extra caution after awaiting a clearer economic picture. It can give a nice picture of the hotel near Terminal 21, especially that it’s near to malls.
According to Anant, LH plans to construct hotels and property investments in Britain aside from shopping malls.
The company also pursued their investments into rental property projects in the United States, aiming an investment of 15-billion baht for the next years, aside from 5-billion past spending.
The 2016 investment budget resembled the previous year’s economic outlook with a hotel near Terminal 21, according to Mr. Anant.
“In our current economic scenario, it’s almost our conservative investment plan. We had to look with clarity for both externally and internally, though the current economic momentum showed better signs.”
In Mr. Anant’s views, the property market had already stroked and was about to bounce.
The property sector avoided huge issues, but was stroked with homebuyers’ difficulty and weak domestic consumption in accessing bank loans, he continued.
For 2016, LH had planned to introduce the real estate investment trust (REIT) with hotel near Terminal 21 and shopping mall projects as the inherent assets, intended of raising fresh funds for company expansion.
In another news, LH Bank discussed about the possible strategic partners with three Asian financial institutions.
The major shareholder and founder of LH and Quality Houses, the Asavabhokin family, owned about 75% of LH Financial Group.
Yesterday, the LH shares closed at 8.10 baht, up 5 satang, in trade worth 101.15-million baht.