AWC Budgets THB 369 Million for the Development of Dusit D2 Chiang Mai Project

Asset World Corp Public Company Limited (SET: AWC) announced that the Board of Directors’ Meeting on December 14, 2021, has resolved to approve the investment and development of land, buildings, and property of Dusit D2 Chiang Mai Project, with a budget of THB369 million, details as follows:

1. The entering into Agreement to sell and purchase Land and Building in the amount of 7 plots under Title Deed No. 2503, 12432, 12433, 12434, 12435, 20166 and 20167, part number 4846 IV 0076-9, survey page 391, 1170, 1171, 1172, 1173, 1773 and 1774 Land No. 2687, 2686, 2685, 2684, 2654, 2683 and 2655 Tambol Chang Klan, Amphoe Mueang Chiang Mai,Chiang Mai Province with a total land area of 2 Rai 2 Ngan 65 Square wah with buildings and movable assets used in hotel business operation of Dusit D2 Chiang Mai Hotel (Dusit D2 Chiang Mai Hotel Project Property) between Sub TCC Hotel Chiang Mai Company Limited, a subsidiary of the company. (The company holds shares directly and indirectly  100 percent of the total shares) with Krungthai Asset Management Public Company Limited as a trustee of Dusit Thani Properties REIT (with a total value is approximately THB435,000,000 (exclusive of VAT). 

Whereby the company and DREIT are responsible for half of all relevant registration fees and DREIT as the ownership shall be responsible for all relevant taxes.

2. The entering into Agreement to sell and purchase Land and Building Title deed No. 30, Tambol Chang Klan, Amphoe Mueang Chiang Mai, Chiang Mai Province between Sub TCC Hotel Chiang Mai Company Limited, a subsidiary of the company (The company holds shares directly and indirectly 100 percent of the total shares) with Dusit Thai Properties Public Company Limited with a total value is THB130,000,000.

3. Investment costs for the development of assets in the Dusit D2 Chiang Mai Hotel under item 1 and item 2 in the amount of THB369 million approximately (inclusive of VAT).