The building is on a one rai and 59 square wah (1,836 square metre) site and consists of 24 serviced apartments.

"This is an outstanding set of assets being put up for tender for the first time this year by Kiatnakin Bank," president Tawatchai Sudtikitpisan said yesterday.

The bank invited sealed bids via mail and has received a good response because of the property's "great location" and its potential for expansion or redevelopment, he said.

Interested parties are required to make a minimum deposit of Bt2 million. The winner will be announced on auction day. The value of the bank's non-performing assets for sale at the end of March was about Bt8 billion.

Domestic road shows advertised the assets and their "attractive prices" in several provinces, the bank said. The next show is in Phitsanulok from July 4-8.

TUF's baht bond

Thai Union Frozen Products, the country's major processor and exporter of canned and frozen seafood, launched its first baht-denominated bond worth Bt3.2 billion with a coupon rate of 3.91 per cent.

The bond has an A-plus rating, demonstrating the strength of the company and institutional-investor confidence.

President Thiraphong Chansiri said yesterday that the bond was the company's first using HSBC as an offer arranger for local institutional investors. He added that proceeds would be used to refinance some existing debt attracting higher interest rates.

"This exercise will help reduce our overall cost of debt by at least 70 basis points," he said. "Although we emphasise efficient cost management, the main objective this year will be reducing interest costs and other expenses."