Proud Residence announced an investment agreement worth THB2.3 million with Hong Kong-based Fulcrum Capital Limited which will see the group acquire one of the six towers at the developer’s high-end urban condominium, Park 24.
Park 24 is located on Sukhumvit 24 and is set on a 12-rai plot. The project has been split into two development phases and is valued at THB11.7 billion total. The project prides itself on an urban forest concept and will have a huge garden across the premise so residents can enjoy a mix of urban and natural settings.
The deal becomes one of the largest investments in residential properties in Thailand by a foreign investment fund. The scarcity of high-quality assets in Bangkok’s central business district is apparent in this deal as well as the desirability of high-end property projects in prime Bangkok locations, said Thongchai Busrapan, part owner of Proud Residence.
“Bangkok will welcome a large number of expatriates who prefer to reside in convenient inner-city districts,” he said. “Park 24 continues to garner high interest from local and international consumers and investors, both individual and institutional, and the recent launch of Park 24 Phase 2 has been a tremendous success thanks to its strategic location in one of the most sought-after urban neighborhoods in Bangkok.”
Fulcrum Capital is a boutique property investment company with USD500 million of assets under management, The Bangkok Post added. Managing Director Frank Leung said the investment in Park 24 reflected its strategy to invest in projects with the best locations, outstanding design and value-adding opportunities.
Park 24 is just one of the projects that is in the works for Proud Residence. It is overseeing the40-room extension at InterContinental Hua Hin Resort as well as construction of BluPort Hua Hin Resort Mall. The company also owns Vana Nava Water Park and is building Holiday Inn Resort Hua Hin, a high-rise hotel with 300 rooms, and Vana Nava Residence. Both will be near the water park.
