China Eximbank provides loan worth THB 11.6 billion for Chao Phraya Estate Landmark Waterfront Construction Project (Linked to Project ID#73300)
Commitment amount
$ 425908423.04138356
Adjusted commitment amount
$ 425908423.04
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Thailand
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In 2013, China Eximbank reportedly issued a loan worth 11.6 billion baht to Landmark Holdings Company Limited — a special purpose vehicle and joint venture of BCEG Thai International Co., Ltd and the MAI-listed firm Country Group Development Plc (CGD) — for the Chao Phraya Estate Landmark Waterfront Construction Project. The purpose of this project is to construct a high-end residential and hotel project (known as the Landmark Waterfront or Chao Phraya Estate) on a prestigious waterfront address along the Chao Phraya River in the city of Bangkok. Upon completion, it will be the first luxury, 5-star hotel-managed riverside condominium in Bangkok. The total investment in the project is 29 billion baht, of which 11.6 billion baht comes from the loan of the Export-Import Bank of China. A groundbreaking ceremony took place on June 6, 2014. However, construction did not begin until June 19, 2014. Construction ended on or around February 13, 2018. The hotel (Four Seasons Private Residences) officially opened during the summer of 2018.
Additional details
1. This project is also known as the Chao Phraya Estate Project. 2. On September 19, 2016, it was announced that Country Group Development and Joint Venture partner BCEG Thai International Co., Ltd would continue project financing through China Pingan Bank with a THB 13.3 billion loan and would finish the project on schedule. The loan from China Pingan Bank was to be managed through Landmark Holdings Company Limited. The China Eximbank loan is separate from the 13.3 billion baht loan issued by China Pingan Bank also for the construction of the Chao Phraya Estate in 2016 (captured in Project ID#73300). 3. Beijing Construction Engineering Group International (BCEGI) reportedly holds a 30% ownership stake in Landmark Holdings Company Limited (through its subsidiary, BCEG Thai International Co., Ltd).
Number of official sources
9
Number of total sources
13
Details
Cofinanced
No
Direct receiving agencies [Type]
Landmark Holdings Company Limited [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Country Group Development PCL [Private Sector]
Beijing Construction Engineering Group Co., Ltd. (BCEG) [State-owned Company]