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Habitat Group seeks to raise up to 1.5B baht in IPO

Thai premium property developer Habitat Group is targeting up to 1.5 billion baht in its IPO slated for the second half of 2019, DealStreetAsia reported.

CEO Chanin Vanijwongse told the media outlet that the proceeds from the IPO will be used in large part to buy more lands for new developments and roughly 20% to 30% for working capital purposes.

Habitat Group has six projects that are ready-to-move or are already underway in Pattaya, which are intended for investments and managed for rental by X2, Best Western and other professional hotel chains. The company expects total pre-sales to reach 1.2 billion baht, with a backlog of roughly 2 billion baht in 2017, according to the report.

Vanijwongse told DealStreetAsia that he initially chose Pattaya because the land price is less expensive in comparison to Bangkok but added that the company is now ready to work on development projects in the Thai capital.

As of Dec. 1, US$1 was equivalent to 32.65 Thai baht.