SET-listed developer Singha Estate Plc (S) has acquired the two grade-A Sun Towers office buildings located on almost six rai of land on Vibhavadi Rangsit Road for 4.5 billion baht.

In a statement, the firm said Max Future Co, a subsidiary of the property arm of the Bhirombhakdi family's Boon Rawd Brewery Co, had on Wednesday completed its full acquisition of Suntowers Co, owner of the Sun Towers office building.

Singha Estate chief executive Naris Cheyklin said the purchase was in accordance with company plans to enter the office building business.

The Sun Towers are expected to generate profits immediately as well as create recurring revenue.

The deal is another asset for Singha Estates in addition to its two hotels — the Santiburi Beach Resort and Spa on Koh Samui and the PP Island Village Beach Resort in Krabi province.

The company's Singha Complex at the Asok-New Phetchaburi intersection and other residential projects are under construction and should be ready for revenue recognition in the next two or three years, Mr Naris said.

"Sun Towers are a pair of large, grade-A office buildings with combined utility space of 122,965 square metres on almost six rai of freehold land in the heart of northern Bangkok," he said.

"This prime location on Vibhavadi Rangsit Road is an advantage, as it's a mass transit hub for both the skytrain and the subway."

Sun Towers comprise the 33-floor Tower A and 41-floor Tower B.

Aside from office space, there are also fully equipped facilities such as meeting rooms, a fitness centre, a helipad and the Sun Plaza 1 shopping zone.

Another eight rai, equal to 62,640 sq m, has been leased for a planned Sun Plaza 2 and more parking spaces, which will bring total parking to 1,426 spaces.

Established in October 1985, Suntowers Co has registered capital of 500 million baht.

Last year it achieved 563 million baht in revenue from rentals and services, up from 546 million in 2013, while assets were valued at 907 million baht.

S shares closed yesterday on the SET at 6.15 baht, up five satang, in trade worth 15.1 million baht.