Grand Canal Land Public Company Limited, or G-Land, announced a net profit of 1,069.89 million baht for the year 2017, with total revenue of 2,855.36 million baht. The company is moving forward with the Super Tower project in the second quarter and has prepared three prime land plots adjacent to the subway, covering over 100 rai.


        Mr. Surakij Tharnthananon, Senior Assistant Managing Director of Accounting and Finance at Grand Canal Land Public Company Limited, explained the company's performance and that of its subsidiaries for the year 2017, which reported total revenue of 2,855.36 million baht and a net profit of 1,069.89 million baht, reflecting a profit margin increase of 5.17% compared to the previous year.

        This aligns with the company's business strategy focused primarily on rental projects, as the number of sales projects in the Bangkok area has significantly increased, potentially exceeding buyer demand. In contrast, rental projects provide steady income and stable growth. In 2017, the company saw an increase in rental and service income of 161.68 million baht. Additionally, the land for these projects remains the company's asset indefinitely, and as the value of rental properties increases, the company will benefit from the fair value of those assets, which amounted to a profit of 1,115 million baht in 2017.

          Furthermore, in the Grand Rama 9 project, there is another key highlight building, the Super Tower, which will be a new landmark for Bangkok and ASEAN, standing over 600 meters tall with more than 100 floors. This will be an important and modern rental project in Thailand's real estate sector. Regarding construction progress, the company has already begun building the parking structure and retail space, and the tower is currently undergoing foundation strength testing, with piling expected to commence in the second quarter of this year.

        As for the company's sales projects, all three are located in prime areas adjacent to the subway. The Don Mueang plot covers over 100 rai, and the Local Road plot is 35 rai, adjacent to the red line subway. The plot on Phahonyothin and Vibhavadi Rangsit roads covers 49 rai, located at the intersection of the yellow and green subway lines. In 2018, there will be a new city planning adjustment that will increase the FAR, benefiting the company's sales projects.