TEE Land to acquire Thai property for $8.3m

It'll be redeveloped into a 26-storey project.

In a release, TEE Land Limited announced that its associated company, Chewathai Limited, has entered into a Sale and Purchase Agreement to acquire 100% of the issued and paid up capital of ROJTAJ DEVELOPMENT Co.,Ltd. for a purchase consideration of THB 200.0 million (approximately S$8.3 million).

Rojtaj will be a subsidiary of Chewathai consequent to the Proposed Acquisition. Rojtaj owns a freehold property with an estimated land area of 30,677 square feet, at 416/10-11 Pracharat Sai 2 Road, Bangsue, Bangkok, Thailand.

The property, which is presently zoned for residential use will be redeveloped into a 26-storey residential development.

It is well situated within the densely populated area of Bangsue, and is easily accessible (being located near the Taopoon MRT Interchange Station, which is currently under construction and expected to operate in 3 years’ time).

It is also close to local amenities like supermarkets, schools, a hospital and offices.

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