Grand Asset is ready to repay bonds worth 3.5 billion baht that are due on April 8. The company aims to settle all remaining bond debts through the sale of its hotel business for 5 billion baht, with negotiations progressing towards a conclusion, and an additional 3 billion baht from real estate operations. Overall, the company will reduce interest burdens and increase profitability while focusing on expanding its real estate business to compensate for income lost from hotels.

Mr. Witthawat Wipakool, CEO of Grand Asset Hotels and Property Public Company Limited, revealed that the company has prepared funds to repay the bonds maturing on April 8, 2024, amounting to 3.5 billion baht for investors. Additionally, there is a financial management policy in place aimed at reducing the remaining bond debt, cutting interest expenses, and improving profit margins.

“In addition to preparing funds for the repayment of the bonds due next month, totaling 3.5 billion baht, the company also plans to generate cash flow to repay all remaining bonds, totaling 4.197 billion baht. This includes bonds maturing this year worth 1.2985 billion baht and those maturing next year worth 2.8984 billion baht. The funds will come from the sale of investments in the hotel business for 5 billion baht, which is currently under consideration and negotiations are progressing well, expected to conclude soon. Overall, the sale of the hotel business will benefit the company by reducing interest expenses and depreciation costs, significantly improving profit margins. Additionally, the company will generate income from real estate operations amounting to 3 billion baht from four projects: Hyde Sukhumvit 11, Hyde Heritage Thonglor, Amatara Residences Rayong, and River Bay Condo by the Chao Phraya River.”

The company also plans to increase its share of the real estate business, aiming to acquire land for developing more residential projects to offset income from the hotel business. Recently, it is preparing to officially launch a luxury villa project on a hillside with a private beach, “Amatara Residences Rayong,” along with the opening of “Bambu Beach Club,” which has an investment budget of over 40 million baht to create a high-end beachfront bar, the most luxurious in Rayong and the EEC region, in collaboration with Amatara WelleisureTM Wellness Resort and leading health service providers from Phuket, offering food, drinks, and various activities to cater to both Thai and foreign customers, whether for personal use or investment.