Reports of listing of Thai Associate of Singapore-based Tee Land Ltd, CHEWATHAI, is resoundingly successful IPO:
Summary of listing
On Tuesday 5th April 2016, we witnessed the first-day trading of Chewathai, which is a 49% associate (31.88% post-IPO) of TEE Land. Chewathai is a Thai real estate developer, which builds condominiums under the “Chewathai” and “HALLMARK” brands. Chewathai also operates factories for rent. At the IPO price of THB 1.60 per share, the implied market capitalization is about THB 1.2b (S$46m).
The article also lists Chewathai’s past projects and those schedule in the pipeline:
Steady sales at Chewathai
We like the track record of Chewathai, with strong sales of the Chewathai brand. Moving forward, pipeline projects include Chewarom Residence (Project value: THB 488m) and Chewathai Petchkasem 27 (Project value: THB 1,659m). With the poor outlook on the Singapore residential property market, Chewathai allows TEE Land to diversify into the Thailand market. In the future, Chewathai may shift its focus to low-rise housing, which ensures more stable income.
You can read the full report here.