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Quad seeks petrodollars for projects
By admin | July 3, 2009
The new property developer Quad Co Ltd, 40% owned by a Democrat MP, plans to draw investment from the Middle East to jointly develop a luxury mixed-use residential project worth 10 billion baht on Sathon Road by the fourth quarter of the year.
Buranaj Smutharaks (left), managing director of Quad Co, and Alan Lin, chairman of the property brokerage Harrison, examine a model of the Quad Silom condominium at a briefing yesterday. KITJA APICHONROJAREK
The fourth quarter should be an opportune time for a launch because from this month until the end of the year the economy should recover, helped by the government’s new stimulus packages, said Dr Buranaj Smutharaks.
The company is now in talks with undisclosed Middle East investors.
The new 77-storey building would be located on a four-rai site on Sathorn Soi 6 where the Sorento restaurant now sits.
The plot is owned by Yaowarat Nirundorn, a major shareholder of Quad.
Established in mid-2008 with registered capital of 180 million baht, the company’s investors include Dr Buranaj holding 40%; Sekchai Hongpan, who has experience in property management from Chicha Village, holding 30%; Ms Yaowarat holding 20%; and the rest by Patchara Jiaravanon, the wife of former Thai Rak Thai MP Wattana Muangsook.
“As both an MP and businessman, I’m not worried about that. I declared my shares in this company to the National Counter Corruption Commission and the company is not involved in government projects or concessions,” said Dr Buranaj, the managing director.
The company launched its first property project yesterday, the Quad Silom condominium worth 540 million baht.
Construction should be complete by mid-2010. Bank of Ayudhya is supporting with a credit line of 120 million baht.
The project will be located on a 274-square-wah lot on Narathiwat Ratchanakharin Soi 3 near the Chong Nonsi BTS station. It will have an eight-storey building with 74 units starting from 39 square metres and priced between 3.9 million and 12 million baht or 109,000 to 140,000 baht per sq metre on average. Currently 30% of the units are sold, and it expects to close sales within six months.
“We bought the plot from Bangkok Asset Management when the Democrat party was the opposition,” said the 44- year-old MP.
Besides Quad Co Ltd, Dr Buranaj has another property business called Trinity Assets Co Ltd, which has been the owner and property manager of Trinity Silom Hotel, Trinity Apartments and Trinity Mall on Soi Lalai Sap in the Silom area for 20 years.
Trinity Assets, owned by his wife’s Churdboonchart family, plans to set up a freehold property fund worth 850 million baht named Trinity, in which the family will hold 33%, by the third quarter with One Asset Management and Nomura as financial advisers.
The first asset in the property fund will be the 104-room Trinity Silom Hotel, now named Grow Hotel after the company signed a hotel management contract with the US-based hotel chain Grow last Thursday. Guaranteed yields will be 8% per year in three years.
“Rental assets need lots of funds for renovations and it’s more difficult to ask for loans from banks so my family decided to have a property fund. We want international management,” said Trinity Assets’ executive director Orranart Churdboonchart.
The company is filing to the Securities and Exchange Commission.
Next year, the company will put the 200-room Trinity Apartments and 200 of the 400 booths in Trinity Mall into the fund, she added.
http://www.bangkokpost.com/business/economics/18988/quad-seeks-petrodollars-for-projects
Quad seeks petrodollars for projects
By: KANANA KATHARANGSIPORN
Published: 23/06/2009 at 12:00 AM
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