Singha Estate’s subsidiary Nirvana Development has plans to launch six new residential projects worth more than THB10 billion as the company looks to become a bigger player in the Thailand real estate market, local media reported. It is Nirvana’s most ambitious plan since being founded in 2015.
The developer intends to launch single houses, townhouses, home offices and condominiums with projects spanning from the affordable to high-priced segments. The announcement comes a month after Nirvana’s parent company, Singha Estate, agreed to acquire a majority stake in homebuilder Daii Group for THB 3.4 billion.
“Our merger plan with MAI-listed construction materials manufacturer and homebuilder Daii Group Plc is likely to be finalised by the end of this year,” chief executive Sornsak Somwattana told the Bangkok Post.
Sornsak added that two of the six new projects scheduled to be launched in 2017 will be located on a pair of 20-rai plots on Krungthep Kritha Road. The newspaper reported that land being used is part of the 240-rai site Nirvana purchased from Bangkok Land for THB3 billion earlier this year.
Nirvana also has plans to launch a high-end condo project near the Chao Phraya River on Charoen Nakhon Road worth THB6 billion. The developer intends to build a 49-story tower in the area where a number of high-end projects are currently in the works.
There is also a home office valued at THB1.2 billion on Kaset-Nawamin Road in the pipeline. The last two projects from Nirvana are going to be affordable single houses priced between THB5-10 million per unit in eastern Bangkok.
In 2016, the developer launched four new projects worth a combined THB5.2 billion and aims to bring in THB2 billion in pre-sales for the year. One of the company’s most recently launched developments, Nirvana@Work Ramintra, is a home office project located on a nine-rai plot of land along Ram Intra KM 2 Road and will help the company reach its pre-sales goals.
