TCC Assets sets Bt120-bn budget

One Bangkok, a mixed-used project on Rama IV Road, is one of the projects TCC will kick off this year. 
The group also has land available for the development of commercial buildings and residential projects over the next five years. They are in the study process, TCC chief executive officer Panote Sirivadhanabhakdi told a news conference yesterday after introducing One Bangkok to the property market.
Panote said this project was the first to be launched this year by One Bangkok Holding Co, a joint venture between TCC Assets, which holds an 80.1-per-cent stake, and Frasers Property Holdings (Thailand), which holds 19.9 per cent. 
The joint-venture firm will have registered capital of Bt38.5 billion.
Frasers Property Holdings (Thailand) is a subsidiary of Frasers (Thailand) Pte Ltd.
One Bangkok is located on a 104-rai (16.6-hectare) plot on Rama IV Road that has a 30-year leasehold from the Crown Property Bureau. The project will have office space, a luxury hotel, and residential and retail facilities. It is undergoing environmental impact assessment, and construction is targeted to begin at the end of this year for completion by 2025.
A TCC Assets subsidiary won the bid to develop the plot from the Crown Property Bureau in 2014. The contract includes a grace period of nine years for development of the project and has a 30-year leasehold renewable for another 30 years.
“We plan to open retail outlets, the hotel and office space in 2021 that will we will manage ourselves; then will open the residential project,” Panote said.
Group chairman Charoen Sirivadhanabhakdi said TCC had confidence in Thailand’s economic growth as the country has been a gateway for investment in other countries in the region since the Asean Economic Community came into effect in 2015.
“Our vision is to create a place that people can love and want to spend time in, which everyone in the city will feel is an integral part of our city. Once completed, it will be a global landmark that will enhance Bangkok’s and Thailand’s stature on the world stage,” Charoen said.
The next project planned by the group is the development of the land opposite One Bangkok, now known as the Thepprathan community. The project is under study, Panote said.
The source of funds for the group’s investment will be partly from its own cash flow. It may also raise funds from the capital market by issuing debentures, establish a real estate investment trust or borrow from commercial banks.
 This will depend on the company’s analysis of the cost of funds, Panote said.