Bualuang Securities (BLS) sees a positive sentiment for CP Axtra Public Company Limited (SET: CPAXT), following news that the large-scale residential development, The Forestias, has secured a 22-billion-baht loan from Siam Commercial Bank (SCB). The financing will help complete the residential phase of the ambitious project by 2026.
The Forestias, already 70% constructed, stands as one of the largest private real estate initiatives in Thailand, spanning 398 rai and encompassing a diverse mix of high-rise and low-rise condominiums, as well as detached homes.
BLS anticipates this development will bolster investor sentiment around CPAXT. The newly secured funding eases previous concerns about liquidity issues at Magnolia Quality Development Corporation Limited (MQDC), the principal developer behind The Forestias.
Additionally, the brokerage firm expects a positive spillover effect for CPAXT’s investment in Lotus’s mall Bangna (The Happitat), which is located near The Forestias.
The Happitat, currently under construction, is slated for a full opening in the first half of 2026. Increased residential activity in the area is likely to drive more traffic to the new retail destination, offering further upside for CPAXT.
