TCC Capital Land delays two developments

Emporio Place

Emporio Place

TCC Capital Land has decided to hold its plan to launch two new projects worth THB 2.5 billion (US$ 77 million) in the second half of this year as a result of the earlier political instability in Thailand.

TCC Capital Land is a joint venture company formed in late 2003 between TCC Land, a Thai development company owned by liquor tycoon Charoen Sirivadhanabhakdi, and CapitaLand in Singapore. According to its original plan, the company was planning to launch two condominium projects worth THB 1 billion (US$ 31 million) and THB 1.5 billion (US$ 46 million) respectively.

However the company’s chief executive officer Soammaphat Trisorat said that without funding from their Singaporean partner, the new projects will be developed by TCC Land alone.

“Our partner is quite concerned about the situation in our country and would like to hold its investment for a bit until they are more certain about it. But it won’t stop us from launching some new projects this year. We are here and well aware that the Thai property market has significantly improved in the past month,” said Soammaphat, who’s also executive director of TCC Land.

In the first half of 2010, TCC Capital Land generated sales of approximately THB 1 billion (US$ 31 million). It currently has a sales backlog of THB 9 billion (US$ 278 million), over THB 5 billion (US$ 154 million) of which is expected to be sold by the end of this year, with the rest to be sold next year.

 
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