Property News · September 20, 2016

Financing confirmed for Four Seasons at Chao Phraya Estate


The joint venture between Country Group Development and BCEG will continue on schedule with financial backing from China Ping An bank
The Chao Phraya Estate comprises the Four Seasons Private Residences Bangkok at Chao Phraya River, the Four Seasons Hotel Bangkok at Chao Phraya River and Capella Hotel Bangkok
Prominent Thai real estate developer Country Group Development, the development and investment arm of Country Group, yesterday announced that it has secured financing for a luxury mixed-used development on the Chao Phraya Estate.
The project is to be a joint venture between Country Group Development and BCEG Thai International Co., with financial backing from China’s Ping An Bank.
“Country Group Development is pleased to announce this financing agreement with such a well respected financial institution. The structure aligns perfectly 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,” said CEO and Director of Country Group Development, Ben Taechaubol.
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The agreement will raise up to USD375 million to ensure the successful completion of the Chao Phraya Estate to the highest specifications.
Beijing Construction Engineering Group (BCEG) was founded in 1953 and has an international portfolio that includes Al Reem Island Development-Phase 1 in Abu Dhabi, the Australian Varsity Lakes Private Hospital Project on the Gold Coast and has been an equity and construction partner in the GBP800 million Airport City project at Manchester Airport in the UK.
“BCEG works with strong partners in various fields at home and abroad. 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,” said Mr. Xing Yan, General Manager of BCEGI.
(From left) Mr. Xing Yan (General Manager of BCEGI), Mr. Ben Taechaubol (CEO and Director of Country Group Development), and Mr. Xie Jiong (General Manager, Ping An Bank Company Limited)
China Ping An Group was formed in 1988 and has since diversified to cover all areas of the financial sector and banking. It is listed on the Shanghai Stock Exchange main board as well as the Stock Exchange of Hong Kong. As of December 31, 2015, China Ping An Group’s total assets amounted to 4.77 trillion Yuan and the company ranked No.32 on the Forbes list.
Construction for the project began in Q3 2014, and with this new financing Taechaubol expects the development will finish on schedule in Q4 2018.
The private residences will sit within a 73 storey tower, and is positioned so that the view can never be blocked, which is a unique feature for Bangkok, Taechaubol explained. “It has a terrific 360 degree view, and what’s really special is that every single unit is a corner unit, so every room has a corner view rather than just a single aspect.”
“It’s fair to say the Four Seasons are the pioneer of branded residences. They started it 30 years ago globally, but this would be the first waterfront one in Asia. It’s also the largest one in the world,” he added.
Prices for the ultra-luxury private residences will average THB300,000 per square metre.
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Source : property-report.com
Read more…Financing confirmed for Four Seasons at Chao Phraya Estate

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