Thai real-estate developer to withdraw from Hulhumale’ housing project
10 May 2012, 6:21 PM
Daniel Bosley
Thai newspaper The Nation has reported that Pruksa, Thailand’s largest real-estate developer, is withdrawing its investment in the Maldives after suffering a US$3.2 million loss.
In an interview last week with Pruksa CEO Thongma Vijitpongpun, The Nation reported that the company was pulling out of the Maldives after making losses of Bt (Thai Baht) 100million.
In 2010, Pruksa formed a joint venture agreement with the Housing Development Corporation (HDC), formerly the Hulhumale’ Development Corporation, to build over 1000 houses in Hulhumale’. That company, Pruksa-HDC Housing Pvt Ltd, began construction of the first phase of the project, consisting of around 180 units, in August 2010.
Mohamed Sharah, the Assistant Director of Corporate Affairs, Marketing and Business Development, was unable to confirm whether the company had withdrawn from the agreement. Sharah also acts as Pruksa’s Company Secretary in the Maldives.
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