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TEE Land's associate plans to develop condominium in Thailand

TEE Land announced that its associate, Chewathai, has entered into a sale and purchase agreement to acquire the freehold interest in a plot of land in Bangkok for some 316.3 million baht (S$12,4 million).

It has entered into the agreement with vendors Siriwan Phanichewa and Siriluk Phanichewa.

The plan is to develop the site, which spans about 6,544 square metres, into a high-rise condominium development, likely to be completed in July 2016. The proposed acquisition is part of Chewathai's strategy to build up a portfolio of development properties as part of its listing plan.

Chewathai will finance the acquisition by its own internal funds and bank borrowings.