Singha Estate Expands Office Building Business in the City Center, Acquires the Metropolis Building in the BTS Phrom Phong Area Worth Over 1.7 Billion Baht, Prepares to Add to the SPRIME Fund in Response to Continuous Trust Growth

            Bangkok - Singha Estate Public Company Limited, or “S”, is confident in the city center office building business, strengthening its portfolio of rental office spaces by acquiring the Metropolis building and transferring land lease rights from Phoenix Power Company Limited on January 10, with an investment of 1.725 billion baht. The company is also preparing to add the Metropolis building and other assets into the SPRIME real estate investment trust.

            The acquisition of the Metropolis building is part of an investment strategy aimed at diversifying into Recurring Income Business to reduce volatility from economic impacts, as the rental office business carries relatively low risk. Additionally, the Metropolis building is located in an excellent area in Phrom Phong and features a sleek and elegant design, which can sustainably enhance the company's profitability in the long term.

            Mr. Narit Chayaklin, CEO of Singha Estate Public Company Limited, stated, “The Metropolis building will strengthen our rental office portfolio, which currently encompasses a total area of 120,000 square meters in key locations throughout Bangkok.

            Furthermore, we plan to add the Metropolis building and other company assets into the SPRIME real estate investment trust, which offers a return of up to 7% as of the third quarter of 2019.”

            The Metropolis building is a 21-story office building with an average occupancy rate of about 98%, with a rental price of approximately 800 baht per square meter per month. It began operations in late 2015 and has a total usable area of about 26,157 square meters, situated on a 2-rai plot in the heart of Bangkok's business district along Sukhumvit Road, which is a prime and attractive location with convenient access, being close to the BTS Phrom Phong station, Sukhumvit Soi 39, as well as leading shopping centers, hotels, and parks.

Thank you for the information from www.singhaestate.co.th