Supalai budgets Bt2 billion for investments in 6 Asia-Pacific states
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Property firm Supalai is expanding its investment in Asia by setting aside a budget this year of at least Bt2 billion from its overall 2013 investment budget of Bt15 billion.
The firm’s first project was to establish Supalai Philippines Inc on April 30 with registered capital of 600 million pesos (Bt429 million). The company has already taken over a 30-storey office building worth Bt1 billion in Manila, Supalai chief executive officer Prateep Tangmatitham said.
He said the company was studying plans to expand investment in other countries in the Asia-Pacific region – Myanmar, Indonesia, Vietnam, Sri Lanka and Australia. Beyond this, it is looking to Russia.
“We set up an investment budget of Bt2 billion to expand investment in six countries that are already being studied for the investment process. Our business expansion, [after the establishment of] the Asean Economic Community, will be effective in 2015. Asean countries will be an important target for our overseas business expansion,” he said.
The company’s investment strategy will focus on investment in both commercial building and developing residential properties overseas, he added.
After the Philippines, Australia will be the next country for Supalai’s planned expansion, concentrating on Melbourne. Prateep said the company was negotiating with an Australian investor to set up a joint-venture firm in that city.
“We are focusing on Australia because we see strong demand for homes there,” he said.
Myanmar, Russia, and Vietnam also figure in its expansion plans this year and next, he said.
With so much business expansion projected for overseas, Prateep said the Supalai board had assigned company director Prasas Tangmatitham to handle this area of investment.
Meanwhile, Supalai’s domestic market continues to grow in both Bangkok and further out. Provincial projects anticipate growth of at least 20 per cent this year after the company showed revenue of Bt2.13 billion and net profit of Bt471.20 million in the first quarter. That is up 34 per cent and 78 per cent respectively from the same period last year.
The company has estimated presales of Bt26 billion this year from its 25 new residential projects.
Supalai recorded revenue of Bt11.64 billion and net profit of Bt2.7 billion last year.
