Grand Canal Land Public Company Limited (GLAND) reported a net profit of 305.02 million baht for the 3-month period (Q2), compared to a net profit of 110.18 million baht in the same period last year, marking an increase of 194.84 million baht or 176.84%.

            Mr. Surakij Tharatananon, Senior Assistant Managing Director of GLAND, stated that after GLAND established a REIT on April 19, 2017, by leasing The 9th Towers and Unilever House to the GLANDRT trust for a total lease value of 5,997.7 million baht over the contract period, this has significantly boosted GLAND's profits.

            “In our pipeline, we still have the G Tower office building that will be added to the REIT. Currently, G Tower is fully leased. Additionally, GLAND plans to establish another retail space REIT in the future,” Mr. Surakij mentioned.

            The G Tower is a well-designed building that has been praised by Architecture magazine, a global design publication, which featured it on the cover and recognized it as a building of modern shape, dubbed “The Next Generation of Architecture in Asia, New Building Technologies.” Most tenants are involved in finance and insurance, including Krung Thai AXA, SCB, Huawei, DHL, TOTO, and Booking.com, highlighting the prime location of the office building in the city center, connected to the MRT, along with modern amenities, security systems, and eco-friendly design that attract many large tenants.

            “The company's main revenue comes from the The Grand Rama 9 project. With the increasing demand for office spaces, the company is preparing to construct a new office building, The Super Tower, which is expected to be the tallest building in Thailand and a new landmark for the country, with a usable area of 320,000 square meters. It aims to be a hub for Grade A office spaces, a convention center, banquet halls, restaurants, and the highest observation point in the country in the future, catering to a more diverse clientele. The development plan for The Super Tower will transform The Grand Rama 9 project into a complex with all six functions, including office buildings, residential areas, hotels, shopping centers, banquet venues, and tourist attractions. GLAND is also developing a horizontal residential project consisting of single-family homes and a condominium project near the red line MRT in the future,” Mr. Surakij concluded.

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