Firms jumping at opportunity to invest in abroad
Falling land prices are permitting local companies to discover excellent locations at excellent prices. Thai property firms are jumping at the chance of expanding out of the country currently the price of land and property projects in other countries are going down.
Earlier in 2008, TCC Land - a property firm possessed by beverage tycoon Charoen Sirivadhanabhakdi - cashed in by buying the Novotel Rockford Darling Harbour Hotel from Adelaide's Rockford Indigo Hotel Group for A$76 million.
Sources considering the deal said prior to the financial downturn hit the world, the hotel were priced at almost a$150 million, however after the downturn hit Australia, TCC Land thrived in getting the property at half price.
In the meantime, Central Pattana has beginned discussing a lease in China with the outlook of building its primary shopping complex abroad, at present leasing prices have decreased by 30% when compared to a few years ago.
"We are renegotiating with our property-owner in China, who is now presenting the lease at 30% below what was obtainable in 2007. There is high prospective for the discussions to be finished at a excellent price," said Naris Cheryklin, Central Pattana's senior executive vice president for finance and accounting, property, sales and marketing. "Global economic depressions have given Central Pattana a great prospect to find an excellent location at an excellent price."
Central Pattana had made an effort to lease land in the mainland in 2007, although the deal fell through for the reason that they could not settle on a price as at that time China's property market was flourishing.
Preuksa real estate is also rethinking its strategies to invest in Vietnam, at present that land prices have started ddecreasing thanks to the global financial despairs, chief executive Thongma Vijitphongphun said. Preuksa is planning to initiate studying residential developments in Ho Chi Minh City and has leave behind Bt300 million in case it decides to move ahead, he said.
Earlier in 2008, TCC Land - a property firm possessed by beverage tycoon Charoen Sirivadhanabhakdi - cashed in by buying the Novotel Rockford Darling Harbour Hotel from Adelaide's Rockford Indigo Hotel Group for A$76 million.
Sources considering the deal said prior to the financial downturn hit the world, the hotel were priced at almost a$150 million, however after the downturn hit Australia, TCC Land thrived in getting the property at half price.
In the meantime, Central Pattana has beginned discussing a lease in China with the outlook of building its primary shopping complex abroad, at present leasing prices have decreased by 30% when compared to a few years ago.
"We are renegotiating with our property-owner in China, who is now presenting the lease at 30% below what was obtainable in 2007. There is high prospective for the discussions to be finished at a excellent price," said Naris Cheryklin, Central Pattana's senior executive vice president for finance and accounting, property, sales and marketing. "Global economic depressions have given Central Pattana a great prospect to find an excellent location at an excellent price."
Central Pattana had made an effort to lease land in the mainland in 2007, although the deal fell through for the reason that they could not settle on a price as at that time China's property market was flourishing.
Preuksa real estate is also rethinking its strategies to invest in Vietnam, at present that land prices have started ddecreasing thanks to the global financial despairs, chief executive Thongma Vijitphongphun said. Preuksa is planning to initiate studying residential developments in Ho Chi Minh City and has leave behind Bt300 million in case it decides to move ahead, he said.
Labels: land prices, property projects, Thai property firms
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