TCC LAND TO ACQUIRE LUXURY HOTEL IN JAPAN FOR $100M

       TCC Land, the property arm of beverage tycoon Charoen Sirivadhanabhakdi, is moving to acquire a luxury hotel in Japan worth nearly US$100 million (Bt3.4 billion) after freezing all expansion plans early this year due to the economic situation.
       "We're under negotiation for the hotel and should conclude the deal in the last quarter of the year. This is the second overseas deal this year after the purchase of a hotel in New Zealand worth nearly Bt1 billion early in the year," director Wallapa Trisorat said yesterday.
       The company has decided to resurrect its investment plans, both foreign and local, in the belief that the global and domestic economies are recovering, she said.
       It is also encouraged by the return of foreign partners who earlier this year decided to scrap their investment plans in Thailand.
       The property projects include a service industrial estate in Cha-am, an integrated property development on Kaset-Nawamin Road and a multipurpose centre in Ayutthaya.
       Driving domestic investment are the successful presales of Villa Ratchathevee's second phase last quarter, she added.
       Soammaphat Traisorat, another director, said TCC Land also plans to open bookings for its condominium project on Phetchaburi Road in November or December to take advantage of the future opening of the Airport Rail Link.
       TCC Land's retail arm, Thippatana Arcade, which manages Pantip Plaza in Bangkok and Chiang Mai as well as Digital Gateway@CentrePoint, is budgeting for additional investment of up to Bt2.4 billion for this year and next.
       About Bt2 billion is for building a Digital Gateway in Ekamai on a 7-rai site leased for 30 years from the Thai Red Cross Society, said Wisanu Wangwisut, managing director of Thippatana Arcade.
       The rest is for renovating the two Pantip Plaza outlets and developing a third Pantip Plaza in Bang Kapi for Bt300 million-Bt400 million.
       The opening of the Bt500-million Digital Gateway@CentrePoint yesterday and Pantip Plaza Bang Kapi next month will increase the group's IT retail space to 248,000 square metres. The Digital Gateway investment takes the overall figure to nearly Bt3 billion.
       Rental income this year could reach Bt500 million, Wisanu added.
       Digital Gateway, with 8,000 square metres, now charges Bt3,000 per square metre in monthly rent and is fully occupied.