Tee Land

Tee Land: associated co, Chewathai has proposed to acquire 100% of Rojtaj Devt, for consideration of THB 200m ($8.3m). Rojtaj owns a f/h property with est land area of 30,677 sf in Bangkok. The property, which is presently zoned for residential use will be redevt into a 26 storey residential devt. It is well situated within the densely populated area of Bangsue and is easily accessible (being located near the Taopoon MRT Interchange Station, which is currently under construction and expected to operate in 3 yrs time. The acq is in line with the group’s strategy to further expand its regional presence and is part of its continuing foray into the Thai mkt, which the group considers promising. The acq will be funded by use of IPO proceeds and external bank borrowings.