Golden Land poised for big cash transfer
The listed developer Golden Land Property Development Plc expects a cash influx of 1.5 billion baht this year from the transfer of its super-luxury The Infinity condominium in the Sathon area, according to CEO William Wilfong.
The amount is 70% of the total value of the 2.2-billion-baht project, but the company would realise only 5-6% this because most of the revenue was already recorded between 2006 and 2007.
Mr Wilfong said The Infinity would be finished in time to qualify for the government-implemented tax and fee reductions, which are set to expire next March. It expected all 123 units would be transferred within this year.
The average sale price of The Infinity was 130,000 to 135,000 baht per square with the smallest units at 80 square metres. All units were sold out in 2006.
Golden Land is now constructing its Sathorn Square mixed-use development in the area adjacent to the condominium. The 10-billion-baht project is expected to be completed in 2010, with the 39-storey office building to be finished in the second quarter of 2010. The 400- room W Bangkok Hotel and the former Russian embassy building that would be restored into a restaurant, entertainment complex and residential area, would be finished later in that year.
The company has 20% ownership in the hotel development and 100% ownership in the office building that has 72,000 sq m of rentable space. The projected monthly rent is 750 baht per sq m, based on current market prices.
Mr Wilfong said Golden Land was planning a project similar to Sathorn Square in the Pai Singto area on a 63-year leasehold plot opposite the Queen Sirikit National Convention Center.
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