Country Group, China Exim Bank ink framework financing pact for Landmark Waterfront
Country Group Development has signed a framework agreement with China Exim Bank for financing Landmark Waterfront, a high-end residential and hotel project in Bangkok worth Bt11.6 billion.
Under this agreement, the Export-Import Bank of China will support the development of the project. Beijing Construction Engineering Group, one of China’s top 10 international contractors with projects in countries such as the United States, the United Arab Emirates, Mauritius, Malaysia and Singapore, has emerged as the leading candidate to become Landmark Waterfront Project’s main contractor.
Yuan Xingyong, assistant president of China Exim Bank, represented it at the signing ceremony, where he conveyed his pleasure at partnering with Country Group Development in developing Bangkok’s most luxurious waterfront project.
This is China Exim Bank’s first major foray in the private sector in Thailand.
Country Group Development chief executive officer Ben Taechaubol said its ability to sign this agreement with China Exim Bank in the current economic climate reflected the trust that leading international financial institutions had in his firm and the strength and merits of this project.
“We appreciate in particular China Exim Bank’s expertise, international reputation and financial strength, which helped make this sophisticated private transaction possible.”
Widely recognised as the Crown Property Bureau’s last remaining golden site on the Chao Phraya River, the Landmark Waterfront project is a highly anticipated development. Occupying an area of 36 rai (5.76 hectares), the project will consist of two premium-brand hotels and a branded residential tower, scheduled for completion in 2017.
The residential tower will be the first luxury, five-star hotel-managed riverside condominium in Bangkok, featuring 350 residence units of an approximate sales value of Bt15 billion. Ben said Landmark Waterfront would be Country Group’s flagship property.
“This project further solidifies Country Group’s leadership position in the finance and real-estate sectors. We are confident that Landmark Waterfront will redefine the ultra-luxury market in Bangkok and, more important, our development will contribute significantly to Bangkok’s ongoing wider riverfront revitalisation efforts.”
