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Published on December 3, 2007

The company expects the development to boost total revenue to Bt2.85 billion in 2008.

Managing director Ratanachai Phatinavin said from Mae Hong Song the company would take a 60-per-cent stake in the joint venture. "Negotiations will be completed within the first half of next year", he said.

The Sathorn Road project will include private residential, serviced apartments and commercial space. It is worth a total of Bt5.3 billion.

The company will next year start a property fund that will spend Bt2.3 billion buying Mayfair Marriott Bangkok Executive Apartments. Metrostar currently owns the property.

Metrostar will hold 25 per cent of the fund, which will be managed by ING.

Metrostar expected to book the revenue from the sale in the same year and added this would boost total revenue to Bt2.85 billion for the 12-month period - a 400-per-cent increase on this year's performance.

Other 2008 revenue is expected to come from two to three projects with total value of between Bt2 billion and Bt3 billion.

For the first nine months of this year, the company announced a net loss of Bt73.04 million on total revenue of Bt332.74 million.

The company adjusted pre-sales revenue for this year to Bt1.2 billion from Bt2 billion. It attributed the reduction to purchase-decision delays as a result of political and economic uncertainty.

Somluck Srimalee

The Nation

MAE HONG SON