Property Projects on Track
Two property developers, Major Development Plc (MJD) and Ananda Development Co Ltd, have been persistent that their joint ventures with the top insurance firms AIG and Prudential are protected from the global financial crisis as the finances were raised in Asia.
MJD president Suriyon Poolvoralaks said his company's subordinate MJAI Development Co had been created by a joint venture between MJD and AIG Global Real Estate Investment (Asia) in the beginning of 2008.
He said finances were raised by AIG in Asia for supplying in the real estate market in Asia, together with Thailand. MJAI has by now invested in Royce Private Residences as its initial Thai residential project and more investments may go behind, he said.
The 3 billion baht Royce Private Residences, consisting of 165 units on a three-rai site on Soi Sukhumvit 31, has been funded by Tisco Bank and the supplier Seafco started piling work on the site in September 2008.
Mr Suriyon said the project was going as per agenda and a replicate room and sales office should be open by October 2008.
He added that the AIG fund was "very optimistic" regarding the Thailand market and was eager to invest more, even though it had by now finished its investment in Royce at the beginning of the project.
Ananda Development Co chief executive Chanond Ruangkritya said its subordinates Ananda Development One Co Ltd (Ananda One) and Ananda Development Two Co Ltd (Ananda Two) were combined ventures with TMW Asia Property Fund I operated by Primerica Real Estate Investors, the real estate investment advisory business of Prudential Financial Inc. "despite the fact that they are move down from US-based Prudential, TMW's funds are raised from investors in Asia. The majority are pension and oil funds," he said.
"Prudential is very conformist and not in the business of guaranteeing collateralized liability compulsions (CDOs), which caused the global credit crisis and the predicament for Lehman Brothers."
MJD president Suriyon Poolvoralaks said his company's subordinate MJAI Development Co had been created by a joint venture between MJD and AIG Global Real Estate Investment (Asia) in the beginning of 2008.
He said finances were raised by AIG in Asia for supplying in the real estate market in Asia, together with Thailand. MJAI has by now invested in Royce Private Residences as its initial Thai residential project and more investments may go behind, he said.
The 3 billion baht Royce Private Residences, consisting of 165 units on a three-rai site on Soi Sukhumvit 31, has been funded by Tisco Bank and the supplier Seafco started piling work on the site in September 2008.
Mr Suriyon said the project was going as per agenda and a replicate room and sales office should be open by October 2008.
He added that the AIG fund was "very optimistic" regarding the Thailand market and was eager to invest more, even though it had by now finished its investment in Royce at the beginning of the project.
Ananda Development Co chief executive Chanond Ruangkritya said its subordinates Ananda Development One Co Ltd (Ananda One) and Ananda Development Two Co Ltd (Ananda Two) were combined ventures with TMW Asia Property Fund I operated by Primerica Real Estate Investors, the real estate investment advisory business of Prudential Financial Inc. "despite the fact that they are move down from US-based Prudential, TMW's funds are raised from investors in Asia. The majority are pension and oil funds," he said.
"Prudential is very conformist and not in the business of guaranteeing collateralized liability compulsions (CDOs), which caused the global credit crisis and the predicament for Lehman Brothers."
Labels: Property Developer, real estate, residential projects
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