10 homes will be offered in Singapore, Jakarta, Copenhagen and London
Thai Airways International Pcl (THAI) recently announced cost-cutting measures and would be divesting its various real estate properties in Thailand and global cities this quarter.
DealStreetAsia reports that the assets will include 10 staff residences in Jakarta, Copenhagen, London and two in Singapore.
The residences, along with other real estate properties around the world, will be available in March 2016.
Part of the proceeds will be used to pay THAI’s debt, following the company’s operation losses for most of last year.
“We will run the process with transparency by hiring the agency to evaluate those properties’ price. Initially, we expect to gain around THB1 billion baht (USD27.58 million) from the sales, which will be used to repay the debt,” said THAI president Charamporn Jotikasthira at the last two board meetings.
Elsewhere, the airline company will also be shaving off nine office buildings in Thailand, and sales offices in Penang (Malaysia), Hong Kong, Sydney, Rome and Madrid.
Jotikasthira said the divestiture will allow the company to focus on its aviation business and lower the cost for property maintenance and repair, according to TR Weekly.
THAI’s board also approved the renting out of the airline’s vacant offices to other entities.
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