Central takes advantage of strong baht to extend holdings overseas

By The Nation

 

Tos Chirathivat

 

Central Group is spreading its wings even further, its chief executive Tos Chirathivat announced this week, investing Bt20 billion in three projects – a mixed-use project in Vienna, Austria, the Centara Grand Hotel Osaka, Japan, and the Rinascente Department Store in Turin, Italy.

 

 

 

The mixed-use project in Vienna is a joint venture between Central Group and Signa Group and is located on Mariahilfer Strasse, a well-known shopping area. The 58,000 sqm project comprises a department store and luxury hotel with 150-165 rooms along with restaurants and a skypark. It is scheduled to open in 2023.

 

 

 

Centara Grand Hotel Osaka is a joint venture with Taisei Corporation and Kanden Realty & Development and is located in Osaka’s Namba district, the centre of leisure tourism for the city and the wider Kansai region. The 34-storey hotel will have 515 rooms and 360-degree views of the city. The top floors will include a lounge along with customisable space for meetings and events, plus a rooftop restaurant and sky bar providing panoramic views in every direction. Facilities will include award winning Spa Cenvaree, a fully equipped fitness centre, a diverse selection of restaurants and banquet facilities. It is also scheduled to open 2023.

 

 

 

Rinascente Department Store in Turin has been a while in the planning. Central Group bought the land for the project in 2017 and has commissioned well-known Gianmatteo Romegialli to take charge of the design work.

 

The store will feature an accessories zone such as shoes, bag, jewellery from luxury brands, namely Bottega Venetta, Burberry, Alexander McQueen, and Marni.

 

Tos added that the company is benefitting from the baht appreciation and this has helped its overseas business development grow exponentially.

 

“The revenue from overseas business this year including Vietnam, Europe, and Maldives was 30 per cent of total revenue and we see this growth being maintained for the next five years,” he said.

 

Source: https://www.nationthailand.com/news/30378070

 

-- © Copyright The Nation Thailand 2019-11-05

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8 minutes ago, webfact said:

takes advantage of strong baht

I'm so happy for them....????

And now you know why the Baht is being allowed to stay so strong !

Can austria also open Lidl en Aldi malls in Thailand now?? 

9 minutes ago, Youlike said:

Can austria also open Lidl en Aldi malls in Thailand now?? 

Of course not, must be in partnership with a Thai, 49/50% ratio.

 

Thailand protects the country from foreign dilution, whereas in Europe they don't. If you don't like Thais buying up properties and companies for 100% ownership, then better to get the law changed as they have done in Switzerland (the smart people).

How nice for them to be allowed to do so. I highly doubt the same would be reciprocated here for foreign companies. 

45 minutes ago, Youlike said:

Can austria also open Lidl en Aldi malls in Thailand now?? 

Nope, because that would violate an iron principle CP and a tiny handful of other local conglomerates have been upholding forever: no competition wanted. Lidl and Aldi are German discounter chains, by the way.

A little late.  Thought most of the elite had finished their buy sprees overseas.  After they are done, perhaps the monetary types will make Thailand competitive again.   Sure that will happen.

1 hour ago, the guest said:

Of course not, must be in partnership with a Thai, 49/50% ratio.

 

Thailand protects the country from foreign dilution, whereas in Europe they don't. If you don't like Thais buying up properties and companies for 100% ownership, then better to get the law changed as they have done in Switzerland (the smart people).

I see, well Austria is about the most right winged country in Europe, i was there recently and there are almost no colored foreigners to be seen outside Vienna.

 

Well let them do it, when the Austrians find out who's behind it they might boycot it..

Exactly what I have been saying for months now, Thai monetary policy has been made for cases like this, with "few" money being able to make large investments, the problem is that investments are made abroad where the Thai people have no benefit!
Well done Thai central bank, continues to help those who have no need!

Definitely a strange situation. With the Euro suckers letting the carpetbaggers roll in and have their way with the local traders.  Don't they realise how destructive the retail environment will become when only a few...lets say hi-so types....get to call the shots. But then,  maybe they don't care. 

 

 

3 hours ago, the guest said:

Of course not, must be in partnership with a Thai, 49/50% ratio.

 

Thailand protects the country from foreign dilution, whereas in Europe they don't. If you don't like Thais buying up properties and companies for 100% ownership, then better to get the law changed as they have done in Switzerland (the smart people).

In London what they do is bump prices so only the rich underworld money can buy up the assets then years down the road confiscate it back as illegal gains????????????????

 

is this not smart too?

I wondered why so many of my former students at Mahidol were posing in selfies taken in front of Schoenbrunn. Must be planning on buying the place. I know they've been buying property in London and doing their bit to jack up property prices to keep out the natives, there.

6 hours ago, trainman34014 said:

And now you know why the Baht is being allowed to stay so strong !

 

The problem is that western countries have exported jobs and borrowed money. The west is in a slump. I was in Malaysia recently. They (effectively) devalued as western currency real value dropped. Things are really cheap over there. 

 

I don't know why the Thais choose to maintain the value of their currency, rather than devalue as the west goes down. I can guess. But I don't really know. I don't even know who writes competently on the subject.

 

2 hours ago, NightSky said:

 

 

In London what they do is bump prices so only the rich underworld money can buy up the assets then years down the road confiscate it back as illegal gains????????????????

 

is this not smart too?

 

Citation needed.

37 minutes ago, zydeco said:

I wondered why so many of my former students at Mahidol were posing in selfies taken in front of Schoenbrunn. Must be planning on buying the place. I know they've been buying property in London and doing their bit to jack up property prices to keep out the natives, there.

My friend also wants to go there, i guess the thai tourgroups all go there. But it looks pretty boring on the pic...there are far better places to go see in that part of Europe but i won't mention them....

Tell them that Venice is so great! (it was a huge disappointment for me but that's a secret).

 

Are you impressed with this East European style government building? We have much better castles and palaces and the lot.

 

6 hours ago, trainman34014 said:

And now you know why the Baht is being allowed to stay so strong !

I've always felt there was some big money looking for overseas investment.

8 hours ago, trainman34014 said:

And now you know why the Baht is being allowed to stay so strong !

No, I don't. Can you tell me?

 

If you are implying that there is some government conspiracy to affect the exchange rate please post your evidence for this. 

 

Rooster

7 hours ago, the guest said:

Of course not, must be in partnership with a Thai, 49/50% ratio.

 

Thailand protects the country from foreign dilution, whereas in Europe they don't. If you don't like Thais buying up properties and companies for 100% ownership, then better to get the law changed as they have done in Switzerland (the smart people).

It is comforting to see that you understand that both the Swiss and the Thais are smart in this regard.

 

Rooster

7 hours ago, the guest said:

Of course not, must be in partnership with a Thai, 49/50% ratio.

 

Thailand protects the country from foreign dilution, whereas in Europe they don't. If you don't like Thais buying up properties and companies for 100% ownership, then better to get the law changed as they have done in Switzerland (the smart people).

Who owns the other 1%

The monopoly of Big Sino-Thai Families in Thailand is far to die. And as capitalist do, want to eat as much cake as possible, also outside their business-safe and guaranteed Country, but in this case we should emphasize the stupidity of Western countries, with practically no borders. (except for their own citizens, really a shame).

Smart minds think alike. I am also sending all my money out of Thailand. All my years of working here, and the money I saved and invested here in Thailand. Get it out of a country that doesn't make me feel welcome here (TM30).  The U.S. market is at all-time highs, Thailand market is at all-time lows. I hope they will learn someday.

Taking advantage of the strong Baht, as are many HiSo in Thailand. 

8 hours ago, nemo38 said:

 

The problem is that western countries have exported jobs and borrowed money. The west is in a slump. I was in Malaysia recently. They (effectively) devalued as western currency real value dropped. Things are really cheap over there. 

 

I don't know why the Thais choose to maintain the value of their currency, rather than devalue as the west goes down. I can guess. But I don't really know. I don't even know who writes competently on the subject.

 

 

Citation needed.

https://www.independent.co.uk/news/uk/crime/amanda-nuttall-jonathan-lottery-hotel-money-laundering-nca-a8910561.html

 

 

https://www.independent.co.uk/news/uk/crime/london-money-laundering-unexplained-wealth-orders-mcmafia-a8933866.html

 

It’s real, ..there are more similar stories on google. ????????

10 hours ago, Jane Dough said:

It is comforting to see that you understand that both the Swiss and the Thais are smart in this regard.

 

Rooster

But the Thais aren't smart, and one of the reasons for this is their broken education system, and the main reason for that is their xenophobia.

science supports this 100%.  we need more....shopping malls and also....  expensive golf resorts and fancy 4 and 5 star Trump hotels to encourage more people to.... travel.  only a few hundred million account for the current 4 or 5 billion passengers!  11,000 scientists agree, yesterday in the western world, that this would accelerate the end of multicelled creatures.  a giant "bahn soap".   let's do it!  quickly!  it's partah tyme!!!!!  believe it.  

 

p.s. don't teach any science to folks younger than 65.

 

more Shopping Experiences!

 

imagine that!!! a Real Life!

And some still deny that the baht is being manipulated to benefit the 10 richest families and to Hell with Issaan.

So much for investing in ones own country. Not that it matters,the banks are crashing in america and they are taking thailand with them and the rest of the world.

I have always believed central can no way be profitable. It must be a money laundering operation at best.

 

When the Pound is weak against USD, overseas company swoop and buy UK assets, do the foreign owners of those companies manipulate the currency or arrange for the currency to be weakened in order to achieve this!

 

And what exactly does a strong Baht have to do with the people in Issaan, how are they negatively affected by it?

3 minutes ago, quadperfect said:

So much for investing in ones own country. Not that it matters,the banks are crashing in america and they are taking thailand with them and the rest of the world.

I have always believed central can no way be profitable. It must be a money laundering operation at best.

 

The American banks are crashing and taking Thailand with them....really!

4 hours ago, Yadon Toploy said:

But the Thais aren't smart, and one of the reasons for this is their broken education system, and the main reason for that is their xenophobia.

Please provide evidence for your claims about Thais not being smart and being xenophobic. 

 

I look forward to hearing from you if you are capable of doing that.

 

Rooster