Uni Venture’s chairwoman Orradee Na Ranong is quite positive that the company’s decision to transfer the property rights over a piece of land in the golden Ploenchit district under the project of “Wires Square” to TC Land’s subsidiary TCC Luxury Hotels and Resort Co., Ltd. of the Siriwattanapakdee family is a win-win condition.

“We have considered in all investment aspects and concluded that the best partner for the project is TCC Group,” she said.

Uni Venture had been awarded with the ownership rights over a 5-rai piece of land in the Ploenchit and Wireless roads junction for 30 years, which is under a proposal to construct a luxury office tower and hotel worth 7.5 billion baht covering a use space of 28,000 square meters. The project is expected to complete in 2011 and the 22nd through 33rd floors will be a five-star hotel.

Ms. Orradee is confident that TCC Land has the skills to build an economy-of-scale demand for the hotel business, because it currently runs over ten hotels businesses regionally and will open more ten hotels to the chain in the near future.

Recently, TCC Land agreed to pay 1.357 billion baht for a 51.19 percent stake in Uni Venture. The company said it will see financially breakeven within ten years after starting operations.

Uni Venture reported a net profit of 101 million baht in 2007 and is expected to fall by 30 percent in 2008 due to the global credit crunch.

However, the company will maintain its policy to payout dividends of 0.10 baht per share annually, Ms. Oradee said.

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