High-rise projects from Major Development
Property developer Major Development Plc will launch two new high-rise residential projects in Thonglor Soi 10 and Sanam Bin Nam worth up to Bt2 billion in the coming year - part of its planned business expansion contingent upon raising investment funds on the Stock Exchange of Thailand within the second quarter.
Managing director Suriyon Poolvoralaks said Major Development was focusing on high-rise residential projects because there is stronger demand for them than for low-rise developments.The company's sales revenue this year and next year will be generated by four projects with a total value of Bt8.55 billion. They are the Fullerton Sukhumvit, worth Bt1.6 billion; the Watermark Chaophraya River Tower A, worth Bt3.9 billion; the Manhattan Chidlom, worth Bt1.25 billion; and the Watermark Chaophraya River Tower B, worth Bt1.8 billion. Major Development plans to seek investment funds for its two new high-rise projects by increasing its registered capital from Bt500 million to Bt700 million this year. It plans to offer 245 million shares on the stock exchange, comprising 200 million capital-increase shares and 45 million existing shares. The company's application to raise the funds is expected to be processed by the Stock Exchange of Thailand within the next three months, Suriyon said. Major Development was founded by the Poolvoralaks family in 1999 to operate in the property development business with a management team separated from the Major Cineplex Group, the family's movie entertainment business. Major Development recorded sales of Bt670.68 million and a net profit of Bt44.16 million last year, compared with sales of Bt686.28 million and a net profit of Bt 12.2 million in 2004.
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