Strategic Alliance with Supalai Public Company Limited
Executive Chairman of Gersh Investment Partners Limited (GIPL), well known Melbourne identity Joseph Gersh AM, today announced that his firm has entered into an exclusive strategic alliance with AUD$1.1 billion Bangkok Stock Exchange listed entity, Supalai Public Company Limited.
Supalai Public Company Limited President and Chairman, Mr Prateep Tangmatitham, has announced plans to spend at least 2 billion baht (AUD$60M) per annum on overseas investment. Following a successful visit to Australia and the formation of a strategic alliance with GIPL, the expectation is that a significant portion of that investment will be directed towards Australia.
Supalai’s core business in Thailand is residential housing; it has 70 projects in hand or under construction with a total of 24,500 units worth 76 billion baht (AUD$2.5b) for sale. Its current year target is 26 billion baht (AUD$866m) in consolidated sales. “The strategic alliance will initially target joint venture opportunities in Australia with recognised developers in the areas of Supalai’s core business” Mr Gersh said.
Initial discussions have been held in respect of a number of development opportunities in Australia.