A unit of Frasers Property Limited is making a conditional voluntary tender offer for a Thai property developer for about 19.75 billion baht (S$851.9 million) in cash.

The unit - Frasers Property (Thailand) or FPT - is offering 8.50 baht a share for about 2.32 billion shares to acquire Golden Land Property Development, it announced before markets opened yesterday.

The offer price may be reduced by the amount of dividend per share if Golden Land announces its dividend payment before the deal concludes.

The Frasers Thai unit already holds a 39.92 per cent stake in Golden Land.

The combined firms are expected to generate revenue in excess of 20 billion baht, with total assets above 80 billion baht.

Their resources will enable both firms to better capitalise on FPT's landbank, especially with sizeable projects in the pipeline in Thailand's Eastern Economic Corridor.

Golden Land would also be able to "immediately contribute" to FPT's financial performance through its portfolio of operating assets.

FPT president Sopon Racharaksa said FPT and Golden Land complement each other, giving the company multi-segment capabilities across the logistics, industrial and commercial space value chain.

"I see greater benefits to offer more breadth and depth in our service offerings. The enlarged scale will also enable us to attract the best talent and offer ... career opportunities for our staff across multiple asset classes," Mr Sopon added.

Golden Land has recorded revenue growth of 58 per cent since 2013 with new flagship development projects in Bangkok such as FYI Centre and Sathorn Square.

It also has stakes in hospitality assets, including Mayfair Marriott Executive Apartments, The Ascott Sathorn and Modena by Fraser Bangkok.

It has 41 active residential projects in Bangkok and its vicinity, and plans to launch 25 new projects valued at 26 billion baht this year.