Property Perfect is the latest of a number of Thai developers expanding their business operations abroad. With a THB874 million investment in a resort in Hokkaido, Japan, it is the first time Property Perfect is venturing overseas in the company’s 27-year history, reported The Nation. Other developers include Thailand’s largest property developer publicly-listed Land & Houses, which is venturing into the United States, Pruksa Real Estate with investments in Maldives and India, and finally Sansiri which entered the UK market a few years back.
Property Perfect’s board of directors has approved the investment, according to a statements on the Thailand Stock Exchange yesterday.
Through the wholly owned subsidiary Property Perfect International, Property Perfect will invest THB41.69 million for a 69.01 percent in Share Group, which will then take over 100 per cent of Kabushiki Kaisha Kiroro Association Co, the operator of Kiroro Resort, from Mitsui Fudosan Resort Co. Under the deal, Share Group will spend another Bt64.80 million to acquire claims on Mitsui Fudosan’s Bt526.74- million loan to Kabushiki Kaisha Kiroro Association Co, reported The Nation.
Property Perfect chief executive officer Chainid Ngowsirimanee said in the statement that the company would finance the deal with cash flow. Earlier, Chainid told The Nation that the company aimed to expand investment overseas, with focus in Asia. Property Perfect International was established in Singapore on August 14 to support this policy.