Singha Estate unveils its commercial business expansion plan to invest 15 billion baht to develop new projects with additional 170,000 square meters, targeting the premium lifestyle market

Real Estate Press Releases Monday December 17, 2018 17:42
Bangkok--17 Dec--Singha Estate

"Singha Estate" emphasizes on its leadership as a premier lifestyle developer and envisions the growth prospect of commercial business in high potential location, especially those where have convenient transportation and planned mass-transit hubs in the future. The company is eager to invest 15 billion baht to develop new commercial projects with total space over 170,000 sq m., focusing on sustainable growth strategy and high potential location, presenting new lifestyle experiences and building good values to community and environments.

Naris Cheyklin, Chief Executive Officer of Singha Estate Public Company Limited (S), outlines its five-year commercial business direction that the company will focus on the premium lifestyle market after its luxury mixed-use SINGHA COMPLEX was successfully opened its door to customers last week.

Currently, the outlook of mixed-use projects in Bangkok is promising, spurred by the government's plan to extend the mass-transit system in the capital, and this eventually leads the establishing of new business, commercial and residential areas. The challenges are how to build the city that makes people have sustainable living quality while property developers should be more concerned to develop environmentally-friendly projects and adopt smart technology to provide convenience for customers. In addition, the cultural heritage from nearby communities should be harmonized when developing any commercial project as this will make Bangkok more charming and unique to attract people from elsewhere and build sustainable growth in the future.

"The commercial business is very important to build a long-term growth for Singha Estate, as it will generate steady recurring income. The company will expand business through new project development and M&A. When the asset values grow, it can be sold to real estate investment trust (REIT) to help raise additional funds for future business expansion and new opportunity. This business will build the company's steady revenue growth and create quality of living and new lifestyle experience for people. It will also endorse Singha Estate's brand for sustainable development through our conservation program for environment, culture and community," Mr. Naris said.

With the Premier Lifestyle Developer concept to develop its commercial business, Singha Estate will offer new lifestyle experiences every dimension, apart from the location, design, space arrangement and the selection of retail shops and facilities. Firstly, it will build sustainability for nearby communities and environments, for example, the conservation of urban sanctuary inside the SINGHA COMPLEX, the construction and building management with energy saving standards and the offering of knowledge on waste management through "Sea You Tomorrow", a project dedicated to solving the issue of marine debris.

The second dimension is a combination of Human Touch and SMART concept. Smart Technology is meant to be of quality, always up-to-date to meet clients' needs and not a burden for building maintenance when the technology is obsolete. Key to the applying of technology is neat care and friendly service to make customers impressed and convenient from using such services. At Singha Complex, there is a development of S Life application for modern lifestyle and convenience of tenants and customers, such as the entrance to the elevators, the payment at foodPLACE with the QR system and the free Wifi service with 1GB/sec speed.

The third dimension, known as "Sharing Community", foresees community involvement in the project's sustainable development activities and highlights the values of respect for existing community cultures. The harmony of modernity and local culture creates charm and uniqueness as well as drawing people to the project such as the amphitheater inside the Singha Complex where tenants and neighbors can get together in co working space, enjoy music performance and join arts and crafts activities.

"Singha Estate believes in the potential of its commercial business. It has its plans to develop a new mixed-use project worth 3.65 billion baht under the name of Oasis on Vibhavadi-Rangsit Road, and CROSSROADS in Maldives. With its plan to launch in 2019, the Oasis project is designed to have 36 floors and net lettable space of 53,000 sq m for office and retail zones and due to be completed within three years. The company sets a 15-billion-baht budget to diversify its commercial business over the next five years (2019-2023). We now have rental space at Suntowers and Singha Complex around 130,000 sq m and plan to have 300,000 sq m in total by 2023, an increase of 170,000 sq m.," Mr. Naris said.

About Singha Estate Plc.

Singha Estate is a premier property development and investment holding company committed to business operation with social responsibility and adherence to the philosophy of sustainable growth. The Company strives to balance economic growth with social and environmental stability, build growth through well balanced, diversified portfolio from retail space rent business, office building rent, hotel business and residential business, and invest in high potential businesses both at home and overseas. It aims to drive its corporate position to become a premier global investment holding company with robust financial status and value proposition to all its stakeholders on a sustainable basis.

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