Grande Asset shrugs off Lehman's impacts

 In a statement, the company said it would proceed on a business-as-usual basis to enable timely completion of the Regent Residences, Regent Hotel and Crowne Plaza Hotel in Bangkok.

 "In light of recent news involving Lehman Brothers and other Wall Street firms, we have been actively engaged in exploring alternate sources of financing to if necessary replace the funding presently provided by our principal lender, Lehman Brothers Commercial Corporation Asia Ltd, which is an affiliate of Lehman Brothers," stated Markland Blaiklock, CEO of Grande Asset.

 Later this month, Grande Asset expects to sign a major contract for completion of all outstanding construction work on the luxurious 346- unit Regent Residences on Sukhumvit Road.  Grande Asset also expects to resume construction in the near term on the Regent Hotel, and Crowne Plaza Hotel, which are also located on Sukhumvit Road in Bangkok.

 Provided construction on the Regent Residences resumes as expected within one month, Grande Asset expects that the project will be completed by the end of 2009. It expects to have all remaining units sold by year-end 2009.

 Grande Asset Hotels and Property, formerly Grande Asset Development Plc, has developed and managed a number of projects. Aside from the three under construction, others include Hua Hin Blue Lagoon, Westin Grande Sukhumvit Hotel and the Trendy condominium, office tower and retail complex.