Thai real estate giant invests in seaport city

The second largest housing developer in Thailand, Preuksa Real Estate Plc (PS), is expected to pool capital with a Vietnamese group to establish a Haiphong-based joint venture that specializes in constructing houses for middle income earners.

The Bangkok Post quoted PS executive manager, Thongma Vijitpongpun, as saying that the firm will offer high-quality, well-designed accommodation to attract Vietnamese customers.

The company’s first project will be urban buildings in the seaport city of Haiphong, which is just over 100km from Hanoi.

Thongma said PS will use the earnings from its first project to invest in the upcoming projects and will learn about the housing market in Vietnam before proceeding, in order to best cater to Vietnamese lifestyle and culture.

Preuksa Vietnam LLC, the future joint venture between PS and Vietnam’s Huy Hoang Group, will have about VND170 billion in registered capital, of which 85 percent will be held by PS through its branch Preuksa International.

PS fetched US$40 million in profits in the first half of 2009, a 41 percent rise from the same period last year.

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