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Ananda to seek funds for condos near transit

Ananda to seek funds for condos near transit - Ananda Development - seek - funds - condos - mass-transit routes - Chanond Ruangkritya

Ananda Development plans to raise funds next year to invest in condominiums near mass-transit routes, said its chief executive.

The developer is looking at several ways to finance the projects, such as raising funds from current investors, issuing bonds or floating on the stock market, said Chanond Ruangkritya.

But the fundraising will only take place when several conditions are met, such as a global recovery, local economic growth, stable domestic politics and the expansion of Bangkok's mass transit infrastructure, he said.

Ananda will continue to focus on condominiums and expand into office buildings and lifestyle malls on mass transit routes. It will target highly individual and independent people.

"2010 will be a big turn for us as huge funds will be raised," said Mr Chanond. "But we cannot say whether it will be $200 million, $300 million or $500 million. It depends on the world situation and Thai politics."

The company has 800 million baht available to acquire two plots of land near the current mass transport routes to develop two condominium projects.

Since 2007 the company has received investment of 100 million (4.7 billion baht) from the TMW Asia Property Fund 1, managed by US-based Primerica Real Estate Investor and Prudential Finance.



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