Country Group Development PCL and China EXIM Bank have signed a financial framework agreement for financing the Landmark Waterfront Project, a high-end residential and hotel project located on a prestigious waterfront address on the Chao Phraya River.
Under this agreement, the Export-Import Bank of China (China EXIM Bank) will support the development of the project valued at Baht 11.6 billion. Following the signing, Beijing Construction Engineering Group, one of China’s top ten international contractors with projects in countries such as the USA, the United Arab Emirates, Mauritius, Malaysia and Singapore, has emerged as the leading candidate to become Landmark Waterfront project’s main contractor.
A scale model shows Country Group Development’s proposed plans for the Landmark Waterfront project in Bangkok.
Yuan Xing Yong, Assistant President of the EXIM Bank, commented at the signing ceremony last month, “This is China EXIM Bank’s first major foray in the private sector in Thailand. The location, the experience of the team and the company’s vision to deliver superior value and quality make this an exciting project for EXIM Bank to be involved with.”
Country Group Development CEO Ben Taechaubol added: “Our ability to sign this financial framework agreement for financing Landmark Waterfront with China EXIM Bank in the current economic climate reflects the trust that leading international financial institutions have in us and the strength and merits of this project. We appreciate in particular the bank’s expertise, international reputation and financial strength, which helped make this sophisticated private transaction possible.”
Widely recognized as the Crown Property Bureau’s last remaining golden site on the river, the Landmark Waterfront project is one of the most highly anticipated developments in Thailand. Occupying an area of 36 rai, the project consists of 2 premium-branded hotels and a branded residential tower, scheduled for completion in 2017. The residential tower will be the first luxury, 5-star hotel-managed riverside condominium in Bangkok, featuring 350 residence units of an approximate sales value of Baht 15 billion.
Taechaubol concluded: “Landmark Waterfront will be our flagship property. This project further solidifies Country Group’s leadership position in the finance and real estate sectors. We are confident that Landmark Waterfront will redefine the ultra-luxury market in Bangkok and more importantly, our development will contribute significantly to Bangkok’s ongoing wider riverfront revitalization efforts.”