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Thai conglomerate invests further 35B baht in project's expansion

Charoen Pokphand Group Co. Ltd.'s property development arm is increasing its investment in The Forestias residential-focused integrated development in the outskirts of Bangkok to 125 billion baht, the Nikkei Asian Review reported.

The additional investment of 35 billion baht could make the Magnolia Quality Development the biggest private property project in Thailand, surpassing the 120 billion baht development TCC Group earmarked for its One Bangkok development, according to the publication.

The additional capital will allow Magnolia Quality to also expand the project's development site to 63.68 hectares, giving more space for the planned construction of villas and condominiums, as well as a sports complex and retail outlets. There are also plans to add a five-star hotel and a medical center ahead of the project's scheduled opening in 2022, the Dec. 18 report added.

As of Dec. 18, US$1 was equivalent to 30.21 Thai baht.