Singapore Stock Exchange listed company TEE Land Limited has announced that its Thai associate company Chewathai has entered into an agreement to buy a 24,704 sqm freehold plot of land in Rangsit Klong 1 in Bangkok’s Patumthani district.
The company will pay THB 92.6 million, and Chewathai said it plans to develop the land into a landed housing project.
The statement to the Singapore Stock Exchange added that the proposed acquisition is subject to legal, engineering, financial and marketing due diligence and if satisfactory, is expected to be completed in early December.
“The proposed acquisition is part of Chewathai’s strategy to build up a portfolio of development properties as part of its previously announced listing plan on the Stock Exchange of Thailand’s Market for Alternative Investment,” the statement added.
Image: Chewathai Ratchaprarop, one of the company’s completed condominium developments in Bangkok.
