Financing secured for Chao Phraya Estate

 

“Country Group Development is pleased to announce this financing agreement with such a well-respected financial institution,” said the chief executive officer and director of Country Group Development, Ben Taechaubol. 

“The structure aligns perfect-|ly with our business targets as we move ahead with the construction of all three phases of the Chao Phraya Estate. We are confident that |our unique combination of Four Seasons Private Residences, Four Seasons Hotel and Capella Hotel |will set a new quality benchmark |for mixed-use developments globally.” 

The agreement will in effect raise up to US$375 million (about Bt13 billion) to ensure the successful completion of the Chao Phraya Estate to the highest specifications, the company says. 

The financing will be managed through Landmark Holdings Company, a joint venture between Country Group Development and BCEG Thai International Co that was updated in May. 

Beijing Construction Engineering Group (BCEG) was established in 1953 and has maintained a leading position in the construction industry in China while expanding its global presence at the same time. 

The company is ranked as one of the world’s top 50 contractors by revenue and employs some 20,000 people around the globe, with branches and field offices in more than 20 countries. 

 

BCEG portfolio 

BCEG’s portfolio of completed projects covers more than 130 million cumulative square metres and its landmark developments in China include 29 Olympic venues, the new Hainan Airlines tower, the gymnasium at Beijing University of Technology and the National Convention Centre. 

Internationally, BCEG has undertaken Al Reem Island Development Phase 1 in Abu Dhabi and the Varsity Lakes private hospital project on Australia’s Gold Coast, and has been an equity and construction partner in the 800-million-pound Airport City project at Manchester Airport in England since 2013.

“BCEG works with strong partners in various fields at home and abroad,” said Xing Yan, general manager of BCEG International. 

“Our joint venture with Country Group Development is a good example of the ‘two backbones’ business model we follow, which focuses on excellence in project construction and real-estate development. 

“With solid finance through China Ping An Bank, the Thailand project team will continue to work towards our key target milestones.”

 

Win-win cooperation

Xie Jiong, general manager of Ping An Bank Co, said: “At China Ping An Group we follow a consistent strategy that is aimed at creating value through win-win cooperation with all stakeholders. 

We actively pursue sustained and stable development with a unified brand and culture that is firmly based on common goals.” 

Structural work on the main tower of The Four Seasons Private Residences at Chao Phraya River is already complete from LG to L8, with the substructure and foundation work on the other key project components – Capella Hotel and Four Seasons Hotel – either already completed or well on the way to completion. 

“Sound institutional financing is crucial for a luxury residential project of this calibre,” Ben said.

“We began construction of this project in [the third quarter of] 2014 and with this financing package |and the right partners in place |we are on track to meet our completion target of [the fourth quarter of] 2018.”