Property Perfect set for Bt1bn land deal

Property Perfect is planning to sell about 400 rai of land worth Bt1 billion on Chaeng Wattana road, located close to Pak Kret district junction, to University of Thai Chamber of Commerce, a private university. The deal will be finalised in the last quarter of the year.

Once the deal is finalised, the company plans to develop about 200 rai of land that is situated in the same area of the 400rai plot. The company will build detached hous¬es and apartments worth Bt4 bil¬lion.

The company plans to spend about Bt2 billion on the detachedhouse project and another Bt2 bil¬lion on apartments by the end of the year, a source said.

He said Property Perfect also plans to set up a property fund worth Bt2 billion after completing the apartment project. The fund will generate cash for the company in future.

Earlier, Bangkok Land had offered to sell its land located at Muang Thong Thani on Chaeng Wattana road to the university but the company could not close the deal.

The university then decided to buy land from Property Perfect and will sign the contract within the last quarter of the year.

Property Perfect is one of the leading players in the property mar¬ket, developing both lowrise resi¬dences, such as detached houses, double houses and townhouses, as well as highrise condominiums under the brand Metro Park.

The company recorded a total revenue of Bt3.91 billion and net profit of Bt452.46 million in the first half of the year.