SCB provides construction finance for The Palm

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On the 17th August 2012, developers of The Palm at Wongamat Beach completed their Construction Finance Loan Agreement with Siam Commercial Bank.  SCB committed to an 800 million THB loan to The Palm to assist in the construction of their 46 and 26 storey luxury project in North Pattaya.

Winston Gale, (Partner/Developer) said: “It is a very positive milestone we have reached today.  Banking with SCB from the beginning, we have worked closely together which has enabled them to provide us with the best financial package that understood our requirements.  Of course this is also welcome news for our existing buyers who can now confidently see the financial security this provides the project”.

From left:  Birathon Kasemsri Na Ayudhaya (Partner), Sommai Ungsrithong (SCB Commercial Banking), Rony Fineman and Winston Gale (Partners/Developers) pose for a photo at a signing ceremony held, August 17, to complete the finance agreement for construction of The Palm luxury development at Wongamat Beach. From left:  Birathon Kasemsri Na Ayudhaya (Partner), Sommai Ungsrithong (SCB Commercial Banking), Rony Fineman and Winston Gale (Partners/Developers) pose for a photo at a signing ceremony held, August 17, to complete the finance agreement for construction of The Palm luxury development at Wongamat Beach.

The luxury development is now over 83% sold-out and has just completed the piling stage of construction on both towers.  Buyers eager to see a sight of The Palm won’t have to wait too long as by year-end it is expected to be at least up to the 10th floor.

‘Deal done’ - the signed contracts are exchanged by Sommai Ungsrithong (SCB Commercial Banking), left, and Winston Gale, Partner/Developer of The Palm. ‘Deal done’ – the signed contracts are exchanged by Sommai Ungsrithong (SCB Commercial Banking), left, and Winston Gale, Partner/Developer of The Palm.