Supalai investing in four projects in Australia
Supalai plans to invest Bt1 billion in four residential projects worth Bt20 billion in Melbourne and Geelong in the Australian state of Victoria this year.
Prateep Tangmatitham, chief executive officer, said yesterday that the developer had been studying Australia for more than three |years before deciding to set up joint ventures with its local partners to develop residential projects in that country.
Satterley Property Group will develop Arcadia and Arena in Melbourne, while BMA Property Advisory will develop a villa resort with only 80 units in Geelong’s Rippleside/Balmoral Quay project.
A joint venture with Innovation Construction and Development will be in charge of developing Fyansford in Geelong.
Investment in Australia entails low risk but high returns. The company targets a return on investment of more than 20 per cent from Australia.
Presales for the four projects started early this year and have already logged Bt4.3 billion.
“We decided to expand our investment overseas when saw business opportunities after succeeding in expanding in the Philippines last year,” he said.
Prateep said Supalai had been investing in Australia since early this year. It may expand further in Asean but has not made a final decision yet.
Supalai ranks in the top 10 of listed Thai property firms. It netted Bt4.34 billion on sales of Bt21.5 billion last year.
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