TEE Land splurged S$2.8m in land acquisition in Bangkok, Thailand

It has a land area of 10,893sq f.

In a release, TEE Land Limited announced that its associated company, Chewathai Limited, has entered into a Sale and Purchase Agreement to acquire a freehold land with an estimated land area of 10,893 square feet at Pracharat Sai 2 Road, Bangsue SubDistrict, Dusit (Bangsue) District, Bangkok, Thailand for a purchase consideration of THB 67.0 million (approximately S$2.8 million).

About the Site
The site has the potential to be redeveloped into an eight-storey residential development. This plot of 1,012 sqm freehold land is located on the main road of Pracharaj Sai 2 Road, which is commonly known as Bang Pho area.

Bang Pho is one of the outer metropolitan districts of Bangkok, which is densely populated with low and middle income local residents.

This land plot is located about 100m from the Bang Pho BTS station, which is currently under construction and expected to run in 3 years’ time. As a result of the new BTS line, land prices along the main road would likely trend upwards. 

The acquisition will be funded by the use of IPO proceeds and external bank borrowings, and is not expected to have material financial effects on the Group for the current financial year.