KPN Land Co Ltd will partner with Keppel Land Limited, the property arm of Singapore’s Keppel Corporation, to develop 2 condos worth THB7 billion in Bangkok next year, according to media reports. The projects will target the upscale market and each one will be located in the CBD area of the city. KPN Land will hold a 51 per cent stake while Keppel Land will take the remaining 49%.
“Together with Keppel Land, we are committed to developing luxury condominiums situated in the CBD to meet the lifestyle needs of today’s customers. The 1st project will launch next year and will be worth THB7 billion,” says KPN-Keppel Alliance Chief Executive Officer Rawee Tahtniyom to the Singapore Business Times.
The 2 companies are expected to jointly manage the 2 condos with Keppel Land set to contribute THB2.2 billion towards the development of the projects. The 1st condo will be located on a 1,600 square meter plot of land on Sukhumvit soi 19 close to the Asoke BTS station. The project will feature a high-rise building that will have 24-storeys with 140 total units.
The 2nd condo development will be situated on a 3,200 square meter land plot on Sukhumvit soi 28 close to the Phrom Phong BTS station and the Emquartier and Emporium shopping malls. This project will be 30 floors and have a total of 265 units when completed.
“Keppel Land continues to seek out opportunities in the Bangkok real estate market and is confident of the potential of Thailand’s property market, especially in Bangkok. The city is benefiting from increasing urbanisation, a growing middle class as well as improving infrastructure, all of which support the demand for quality lifestyle projects with strong attributes and value offerings located in Bangkok’s CBD,” says Keppel Land CEO Ang Wee Gee.