Bangkok--Nov 2--124 Communications
Goldenland Property Development Public Company Limited, Thailand’s leading property developer, unveils its restructuring plan, business vision and financial status. It assures firmly that the restructuring plan will not affect its business and the company is also confident that its new, highly efficient management team will lead the company to achieve all excellence in property development field.
Khun Ying Sasima Srivikorn, Goldenland Property Development Plc CEO, revealed “the restructuring plan will not affect the company’s business in all ways. The new highly proficient and experienced management team will effectively handle and continue all the works. Together with the previous executive experts, this is surely a great combination. A clearly categorized organization structure will begin in January, 2006.”
Currently, Godenland has developed 4 single detached housing projects. The new phase of the Palm at Golden Legend has boosted up 650 million baht sales while the Golden Nakara- Bann Sri Nakarin reached 500 million baht sales. The latest and trendiest Princely Lakeside Residences, a 22-units lakeside house in the elegant Grand Monaco project of Bang Na area will soon be opened and expected to boost around 650 million baht. Lastly, the Golden Heritage- Bann Pinklao has already generated 800 million baht.
For the forth quarter, the company projects 800 million baht more of year-on-year sales, being close to a targeted revenue at 3,500 million baht.
All these four projects also benefit from the public transportation system. The red-line Makasan- Suvarnabhumi skytrain, located only 500 metres away from the Golden Nakara, is now under construction and expected to finish in the next 30 months. There will be 3 newly expanded skytrain lines; the Tha Pra- Bang Kae blue line, the Talingchan- Suvarnabhumi pink line and the National Stadium-Pran Nok green line, connecting to the Golden Legend and the Golden Heritage. However, the company has no further plan to purchase more lands next year as its land bank containing thousands of Rais are still projected to generate a sales of over 20,000 million baht.
The Mayfair Marriot and the Ascott Bangkok are both enjoying its continuing long-term and short-term residences. The Infinity, with an average selling price of 135,000 baht per square metres, now closes its deal and a construction process will begin in November so that all rooms can be delivered to customers within 2007 as aimed.
The One Sathorn Square is now in the schematic design phase and the Polo Park & Resort in Krabi is under process. More details will be unveiled early next year.
Presently, Goldenland Property Development’s financial strength is well accepted by Thailand’s leading financial institutions. Recently, the company has received a full financial support from 3 major banks; 1,000 million baht debenture from Siam Commercial Bank, 660 million baht Capital for the sold-out Infinity 1 project and a 30% down payment from customers, totaling 600 million baht. Siam City Bank yields a 904 million baht credit for the Golden Nakara Rama IV with a current sales of 1,470 million baht. 350 million baht will be used as revolving fund and another 554 million baht as a supporting budget. Goldenland also gains a 500 million baht credit from Thanachart Bank for the Golden Legend Sathorn. 350 million baht will be used as revolving fund and another 150 million baht as a supporting budget.
Meanwhile, the company had paid up 506 million baht debenture in October and will be paying another 430 million baht bill of exchanged which is due at year’s end. In total, the company’s revolving fund will stay at 890 million baht at the end of the year.
Khun Ying Sasima Srivikorn furthers that “the slowdown economy as oil price hikes, increasing interest rate and rising material price, has had a slight negative impact on Goldenland’s business. Nevertheless, the company receives a satisfactory “BBB” rate from Tris Rating, reflecting the company’s strong credibility and investment reliability. For next year’s business direction, Goldenland promises to continue developing valuable, practical and uniquely designed housing projects to effectively serve needs, satisfaction and taste of our customers. Also the high standard of our best selected locations, a comfortable transportation, neatly chosen construction and decoration materials offer a promising investment opportunity and high quality of life to our customers.”
For further information, please contact:
Elizabeth Wongwasin, Jatupol Naknim
124 Communications Public Company Limited
Tel: 0-2662-2266
Fax: 0-2204-2662 End.