September 18, 2017 / 9:12 AM / a year ago

Thai property firm Supalai plans $514 mln worth projects in Bangkok

BANGKOK, Sept 18 (Reuters) - Thai real estate firm Supalai Pcl said on Monday it planned to develop property projects worth about 17 billion baht ($514.06 million) on the former Australian Embassy site it acquired recently.

The company won the auction for the land paying more than 4.6 billion baht and would develop it as residential condominiums and commercial offices, Chief Executive Prateep Tangmatitham said in a statement.

Supalai is confident the purchase would help sales and revenue grow by 15-20 percent each year for the next several years, Prateep said.

The firm also has several plots of land where it will develop housing projects next year, he said, without going into details. ($1 = 33.07 baht) (Reporting by Chayut Setboonsarng; Editing by Orathai Sriring and Biju Dwarakanath)

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