LPN Invests ฿95.69M in Land Purchase for the ฿600M Project, Expecting to Launch in 3Q2019

L.P.N. Development Public Company Limited (LPN) has purchased vacant lands of 1,772 Sq.wah for development located in Tambon Tungsonghong, Amphoe Bang Khen, Bangkok Province from the person with no related benefit with the Company.
LPN has processed all payments with cash on the day the ownership was transferred in the total amount of THB95,688,000 million which the source of the fund comes from LPN’s profit and financial institutions facility.

In regard to land purchasing, LPN expects to develop this plot of land into a condominium consisting of 2 eight stories building approximately and 466 units for residential and commercial. The estimated value of this project is approximately THB600 million with development and selling period are approximately 9 months.
LPN expects to launch the project in the 3 quarter of 2019 and transfer the right of ownership. The revenue of this project will be recognized in the year 2020 which LPN expects the gross profit margin of approximately 30%.