Singha Estate takes over Sun Towers

This is part of its strategy to acquire businesses worth Bt16.5 billion in the rest of this year.

Naris Cheyklin, CEO of Singha Estate, said in a press release that this investment was done according to the company’s business plan and it has gained the company another quality asset for its office building unit.

Sun Towers will immediately generate profits and recurring income.

Besides two hotels – Santiburi Beach Resort and Spa in Samui and PP Island Village Beach Resort in Krabi – Sun Towers responds to the company’s policy of profit and income-making while Singha Complex on Asoke-New Phetchaburi Road and other residential projects are under construction.

They will be ready for revenue recognition in two to three years.

Sun Towers are large, grade A office building projects with utility space of 122,965 square metres on almost six rai of freehold land in the heart of northern Bangkok.

This prime location on Vibhavadi-Rangsit Road is an advantage because it is the centre of mass transport, both the Skytrain and the subway. It comprise two towers – 33-floor Tower A and 41-floor Tower B.

It comes with fully equipped facilities, such as meeting rooms, fitness centre, helipad and shopping zone called Sun Plaza 1.

It has rented eight rai, which is equal to 62,640m2, for the expansion of Sun Plaza 2 and parking, so the towers will ensure 1,426 parking spaces in total.

This project has a superb building management and tenant service, which will eventually add value to a high-end target tenant, the Singha Complex project, which is scheduled to be completed in 2017.

This investment is a very important step for Singha Estate and will enhance the company’s ability to spontaneously invest in potential assets that conform to its policy and will finally benefit the company in expanding into other type of real estate assets in the future.