Bina Puri Will Execute the project Value GDV of RM200 Million With In ThailandKUALA LUMPUR, 11 Nov (Bernama)--the Allies to syarikat Bina Puri Holdings Bhd, Bina Puri (Thailand) Ltd (BPTL), will build Bangkok Marina Resort Spa in Thailand with a gross development value (GDV) of RM200 million for the first phase of the project. The project is a joint venture between BPTL and UFUN Group Ltd, based in Thailand with investors from China, Tang Cong Shun, was also involved in the project. BPTL will become main contractor for the project while did help sales and UFUN investment coming from China, said the Chairman of Bina Puri Properties Sdn Bhd, Tan Sri James Foong Cheng Yuen.
He said the joint venture company, Bangkok Property Co. Ltd., will be formed to handle the project took care of 768524 square feet. Under the joint venture, will dominate BPTL 56 per cent of the total equity, 29 per cent while the remaining UFUN 15 percent owned by Chinese investors, he said at a press conference after the Council entered into an agreement to establish Bangkok Property Co Ltd. The project consists of a single storey, suite 815 double storey semi detached two-storey duplexes and resort along with residential buildings and leisure and entertainment. Meanwhile, Executive Director of BPTL Leong Keh Soon said the first phase, with 500 suites are expected to be sold within three months, starting today.
Construction of the project that will be funded through internal funds and bank borrowings will commence in the first quarter next year and expected to be completed within three years. Once ready, he expects the parties concerned will find a return of between 20 percent and 30 percent of the estimated GDV of RM200 million first phase. Theme parks, marine Center and foreign settlement will be developed in the following phases.
He said the joint venture company, Bangkok Property Co. Ltd., will be formed to handle the project took care of 768524 square feet. Under the joint venture, will dominate BPTL 56 per cent of the total equity, 29 per cent while the remaining UFUN 15 percent owned by Chinese investors, he said at a press conference after the Council entered into an agreement to establish Bangkok Property Co Ltd. The project consists of a single storey, suite 815 double storey semi detached two-storey duplexes and resort along with residential buildings and leisure and entertainment. Meanwhile, Executive Director of BPTL Leong Keh Soon said the first phase, with 500 suites are expected to be sold within three months, starting today.
Construction of the project that will be funded through internal funds and bank borrowings will commence in the first quarter next year and expected to be completed within three years. Once ready, he expects the parties concerned will find a return of between 20 percent and 30 percent of the estimated GDV of RM200 million first phase. Theme parks, marine Center and foreign settlement will be developed in the following phases.