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Date of IPO


About Nirvana Development

Nirvana Development is a lease retail developer. It develops, operates, and owns various shopping malls across Indonesia's young cities.

Nirvana Development Headquarter Location

Office 8 33rd Floor Lot 28 Jalan Jend. Sudirman Kav 52-53

Jakarta, 12190,


+62 2129333775

Latest Nirvana Development News

Singha realty projects surge, adding  to healthy bottom line

Oct 14, 2018

Real Estate October 15, 2018 01:00 By Somluck Srimalee Property units push for Bt20 billion revenue by 2019 via Bt55billion investment spree  Singha Estate Plc, the properฌty company of beverage giant the Singha Group owned by the Birombhakdi family, is fast expanding its footprint  in the local  and overseas realty markets with a five-year investment budget of over Bt55 billion, from 2017 to 2020. The group entered the property market in 2014 through the Bt7.78billion takeover of Rasa Property Development Plc by its then property arm Singha Property Management Co Ltd, later renamed Singha Estate Plc. In 2105, Singha Estate sealed a shareswap deal to acquire Nirvana Development Co Ltd, worth more than Bt1.7 billion. In the following year, Singha Estate Plc was involved in another shareswap deal between its subsidiary Nirvana Development Co Ltd and Daii Group. The takeover of Daii, worth Bt3.39 billion, paved the way for Singha Estate’s inroads into the middleincome residential market. After the 2016 acquisition, Singha Estate last year announced a Bt31.87billion plan to develop residential and commercial projects – including condominiums, office buildings, hotels, and retail premises under the ESSE brand on Sukhumvit 36, Sukhumvit 43, soi Asoke, and Santiburi The Residences. The Nirvana Development Co Ltd and Daii Group have also expanded their investments in single-detached house, and townhouse projects. Meanwhile, the SET-listed Singha Estate Plc ventured abroad through the takeover of six Outrigger hotels costing US$310million (nearly Bt10 billion), in line with its investment strategy – “SMART Mergers and Acquisitions” (SMART M&A), focusing on high-return, fast-growing assets in tourist destinations around the globe. The maiden acquisition overseas helped accelerate the strategic intention of S Hotels & Resorts, another Singha Estate subsidiary, to conduct an initial public offering next year, whereby S Hotels & Resorts will become a full-fledged global holding company. Singha Estate has signed a contract with the Hard Rock Cafe to manage the company’s  resort, located in the Emboodhoo Falhu Lagoon, in the Maldives. It will also  build a new hotel in the country, worth up to Bt11 billion. Singha Estate’s CEO Naris Cheyklin said the aggressive investment approach since 2017 followed the company’s pursuit of Bt20 billion in total revenue in 2020. That goal has now been moved forward to 2019, he added. “Singha Estate aims to become a ‘premier property development and investment holding company’ with an annual revenue of Bt20 billion by 2019. We will be an integrated property developer of residential and commercial projects for sale and recurring incomes. The two project categories are expected to make an even contribution to the company’s total revenue in the next five to 10 years. Up to 30 per cent will come from overseas business,” Naris said. Under the group’s property strategy, Singha Estate Plc is the investment arm for both the domestic and overseas markets, developing luxury condominium and commercial building projects. Nirvana Development Co Ltd focuses on low-rise residences including single-detached house, and townhouses for the middle and upper market, and as a joint venture firm with Daii Group, also develops residential projects for the middle and lowerincome segments. As of the end of the first half, Singha Estate and subsidiaries posted Bt54.80 billion in total assets, Bt3.05 billion in revenue and a net profit of Bt663.5 million. This represented a significant recovery from a net loss of Bt250.78 million in 2014, with Bt11.28 billion in assets and Bt402 million in total revenue. Besides beverages and property, the Singha group is also active in the packaging, food and services sectors. The group expects its total revenues to reach Bt200 billion this year, from Bt180 billion in 2017, with beverages and related businesses accounting for up to 80 per cent. It expects the property business to make a doubledigit contribution to the group’s total revenue in 2020, from less than 10 per cent currently. Phurit Bhirombhakdi, chief executive of Boonrawd Trading, the holding company of Singha group, said the company is keen on business diversification when opportunities arise, adding that its property investments would boost the group’s revenue and profit.

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