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Published on March 12, 2008

Charoen Pokphand (CP) Group announced yesterday that it will return to invest substantially in the property market as well as in new plantations for biofuel.

The diversified conglomerate with major interests in food, telecom and other sectors will launch seven real-estate projects worth Bt12 billion throughout 2009.

Nearly 4,000 rai of land will be used for housing, offices and industrial estates.

This marks the first time since the 1997 economic crisis that CP Land, the group's property arm with existing interests in office buildings and hotels, has made a major comeback.

Sunthorn Arunanondchai, CP president and CEO for real estate and land development, said construction would start later this year on condominiums, single houses, office buildings and industrial estates in Bangkok and nearby provinces.

A feasibility study is under way to set up CP Industrial Park in Rayong with a project value of Bt6.5 billion.

This project, aimed at hi-tech industries such as petrochemicals and automobiles, will kick off next year with a completion date set for 2014.

Other ventures are five housing schemes for middle-income and high-income groups.

First is the 511-unit Seasons project on Bangkok's Srina-karin Road worth Bt700 million, aimed at medium-income earners, with prices starting from Bt900,000 per unit.

Second is a joint venture with Magnolia Quality Corp to launch The Chur, a condo project next to Lotus Pattaya, Chon Buri, worth Bt2.01 billion, with prices staring from Bt1.9 million per unit.

Third is a tropical-style project of single detached houses worth Bt960 million, with construction due to start in mid-2009.

Fourth is a Bt700-million project of single detached houses in the southern province of Nakhon Si Thammarat, with prices starting at Bt1.9 million per unit. Fifth is a Bt1.5-billion condo at the North Park business complex on Bangkok's Vibhavadi Rangsit road.

The group will also invest Bt200 million in a CP Tower office building in the northeastern province of Khon Kaen, next to its partly owned Tesco Lotus supercentre.

Petchanet Pratruangkrai

The Nation