Bangkok--17 Aug--
The SET-listed developer Grand Canal Plc (GLAND) reported a profit of 305.02 million baht for the second quarter this year, a 176.84% increase compared to the same period in 2016 valued 110.18 million baht, up 194.84 million baht.
Surakit Thantananont, Assistant Managing Director at Grand Canal Land Plc, said the the surge was mainly due to its GLAND office Leasehold Real Estate Investment Trust (GLANDRT), which was established on April 19, 2017. GLANDRT contains two office buildings: the Ninth Tower and Unilever House with a combine value of 5,977.7 million baht based on period of lease agreement.
"Under our pipeline, we still have additional office space at G Tower, which is in preparation for being converted to REITs. Its spaces are currently fully let. Moreover, we aim to launch another REITs for retail spaces in the future" Mr.Surakit said.
G Tower is the premium office buildings with exceptional design ensuring a stylish and comfortable state of-the-art working environment. The Architechure Magazine published the story and awarded G Tower as "The Next Generation of Architecture in Asia, New Building Technologies". Presently, there are various corporate tenants, ranging from financial to tourism industry, such as Krungthai AXA, SCB, Huawei, DHL, TOTO and Booking.com. A strong interest from big corporates reflects its potential of central location next to MRT, great facilities, tighter security system, eco-friendly and modern design.
"Due to the increasing demand of office spaces with half of company's revenue contribution derived from the Grand Rama Nine project, GLAND is preparing to construct a new office building called "The Super Tower", which is set to be the country's tallest skyscraper, becoming a new national landmark. With 320,000 sq.m. of spaces, the magnificent project comprises of grade A office office buildings, a six star hotel, conference facilities, restaurants and an observation deck with panoramic views of the Thai capital, which is aimed to meet a myriad set of customer demands. According to project development of The Super Tower, it will lead The Grand Rama 9 project to become an expansive territory, covering 6 functions: office buildings, residence, hotel, shopping center, banquet halls, and tourist attraction. GLAND is outlining to develop single-detached house projects as well as high-rise condominium next to red line mass transit," Mr.Surakit said.