Syntec eyes rail partners

Syntec Construction is negotiating with two foreign construction companies to jointly bid for new rail-line projects, managing director Somchai Sirilertpanich said yesterday. Bidding is scheduled to open for the Red Line by the middle of the year.

"Our negotiations may not be complete in time for the first bid, but we may be ready to join the second bid in the second half of the year," Somchai said.

The company has projects in hand worth Bt7 billion, which will generate revenue until 2010. Sixty per cent of the project value is from construction for private firms and the rest from government projects.

Somchai said the company was also hoping this year to land 10 property projects, both condominiums and hotels, worth up to Bt3 billion. The first, for which the company has won the bidding, is the Green Ninth condo project worth Bt700 million.

The Green Ninth is owned by Withoon Thanakorn, which also owns the Radisson Hotel on Rama IX. The project is valued at Bt2.5 billion for 1,500 units. The first phase is expected to be completed by year-end.

Vathana Paradorachai, managing director of Withoon Thanakorn, said the first phase had 782 units, with 60 per cent already pre-sold. The company expects all will be sold by the end of June.

Somchai said Syntec yesterday signed a contract worth Bt700 million to construct the first phase of the Green Ninth project. The project will contribute to revenue for this year, which is estimated to be Bt3.3 billion, up 20 per cent from last year.

The company announced revenue of Bt2.3 billion and net profit Bt147 million for the first nine months of last year.

Somchai said Syntec had started to record a net profit last year, and write off its accumulated loss worth up to Bt1.47 billion.

Somluck Srimalee

The Nation
Thu, February 1, 2007