Bangkok--23 Feb--Siam Commercial Bank
Siam Commercial Bank will provide 3 billion baht in financial support to Land & House (L& H) for its "Terminal 21" shopping and serviced apartment mega-project located near the prestigious Asoke-Sukhumvit intersection, conveniently located near the BTS and MRT mass transit systems. The Bank's support for the project provides further confirmation of the Bank's strong interest in contributing to the growth of the property market.
Commenting on the project, Siam Commercial Bank President Kannikar Chalitaporn noted that, "this 3 billion baht loan to the Land & Houses Group will support the development of "Terminal 21". With its location at the Asoke-Sukhumvit 21 Intersection, one of the most sought-after areas in central Bangkok, we are confident that the project will attract interest consumer interest. With favorable factors complementing growth in the property market, improving economic sentiments should help revive consumer confidence and spur sales. As part of our continued strategy of supporting the property sector, the Bank provides financial support as well as practical advice and end-to-end services designed to fully meet customer demands and re-affirm the Bank's dominant position as the 'Bank of Choice' that grows alongside its customers. Land & Houses is widely recognized for the quality of its leading residential and condominium projects located in some of Thailand's prime locations.”
Land & Houses PCL President Mr. Anant Asavabhokhin also noted that the property business has been robust this year, providing major developers with a competitive advantage in terms of access to financing from banks. According to Mr. Anant, “The most important thing is to develop projects supported by thorough feasibility studies and surveys. In order to attract buyers, projects should be interestingly unique and feature eye-catching architecture to better capture specific target groups. This year L & H is placing more emphasis on projects for lease, and this new business model and the variety of products offered will help generate and sustain long-term revenue streams”
Jointly developed with Siam Retail Development Co., Ltd., the total value of the Terminal 21 project is 6 billion baht. Construction is well underway, with the project currently almost 30% complete. The entire project is expected to be finished by 3Q11 with the aid of SCB's financial support.
Located on a 9-rai plot of land adjacent to the Asoke-Sukhumvit intersection, Terminal 21 includes a 9-storey shopping mall tagged "The Destination for Inspiration". The first airport-style shopping destination in Thailand, Terminal 21 is divided into 3 main zones comprising brand name fashion, food center, and entertainment to attract shoppers. The project also features a 20-storey five-star serviced apartment complex. The project's convenient location and variety of products and services are aimed at fulfilling the lifestyle requirements of middle-income urban consumers. With the Bank's support, Terminal 21's success will further boost property sector growth and contribute to an improved economic situation in Thailand.