Kitha Properties set to launch B7.5bn projects

Developer not involved in corrupt rice deal

Than Living Ratchada-Wongsawang was developed by Kitha Properties. The developer plans three more major projects now that it has proved the present owners had no involvement in a shady rice deal eight years ago.

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Developer Kitha Properties Co plans to launch three projects worth a combined 7.5 billion baht next year after clarifying it had nothing to do with a corrupt rice deal.

Now owned by entertainment firm Adamas Incorporation Plc, Kitha Properties has in recent years launched five condo projects worth a combined 10.5 billion baht under the Than Living and My Story brands. Units worth 6 billion have been sold.

This year, it has realised revenue from the projects including 1.4 billion baht from My Story Ladprao 71 and 800 million from Than Living Ratchada-Prachautit.

Kitha Properties has four plots of land for next year's developments including an eight-rai plot in Nonthaburi's Bang Bua Thong district near the Purple Line's Sai Ma station, where it plans to develop two condo projects with 2,000 units worth 4 billion baht.

It has a 20-rai site on Ram Intra Road near Nopparat Hospital where it plans to develop either just condo buildings worth 3 billion baht or a condo and townhouses worth 2 billion.

It also has a two-rai site on Phetkasem Road near Siam University where it will develop a condo project worth 1.4 billion baht.

"We'll consider the property market situation again in the middle of next year and decide whether to launch the projects," a spokesman said.

Adamas early last year acquired all shares of Kitha Properties from T Land Pte, a Singaporean fund that in late 2013 bought the company, formerly known as Siralai Co, from founders the Chansakulporn family, including Soravis and Thanyaporn, and major shareholder Kinkaew Limpisuk.

Mr Kinkaew is a former director of President Agri Trading Co, which won state rice auctions from 2004-05 but failed to honour the contracts.

The Chansakulporn family was also found to be close to rice trading tycoon Apichart "Sia Pliang" Chansakulporn, a former director and major shareholder of President Agri Trading.

Samut Prakan District Court last year sentenced Sia Pliang to three years in prison for embezzling state rice in 2007.

In June 2007, the Commerce Ministry's Foreign Trade Department authorised President Agri Trading to improve 20,000 tonnes of white rice to 100% quality from 5% before the grain was due to be shipped to Iran.

But the company failed to deliver the improved rice to a port where Iran had sent a cargo ship.

Rice quality is calculated by the proportion of broken grains. This means 5% white rice includes 5% broken grains.

To improve its quality, 100% white rice is mixed in to the point where the amount of broken grains becomes negligible.

According to the court ruling, the company and the defendant were found to have embezzled 16,400 tonnes of 5% white rice worth 175 million baht.

Established in March 2012 with registered capital of 1 million baht, Siralai was found to have raised its capital to 1.2 billion and 2.2 billion in June and October of that year, respectively.

"We had no involvement in the rice deal," said Monchai Orawongpaisan, chief operating officer at Kitha Properties.

"The former major shareholders sold all shares to T Land in late 2013."

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