Singha plans 100b baht property splurge to overcome booze curbs
Bangkok
THAILAND'S biggest beermaker plans to spend about 100 billion baht (S$4 billion) on hotels, shopping centres and property projects over five years as higher taxes and curbs on alcohol marketing erode earnings for the industry.
Singha Estate Pcl, a unit of closely held Boon Rawd Brewery Co, will invest 60 per cent of the budget in commercial property and the remainder to develop residential real estate, chief executive officer Naris Cheyklin said in an interview. The expansion will boost revenue to at least 20 billion baht by 2019 from 362 million baht last year, he said.
The Bhirombhakdi family, who have produced Singha beer at Boon Rawd since 1933, is following the lead of billionaire Charoen Sirivadhanabhakdi, who expanded his property business amid government measures to curb alcohol consumption in Buddhist Thailand. Mr Charoen was forced to list his Thai Beverage Pcl unit in S…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale