Singha Estate Plc has announced a partnership with Hong Kong Land that will see the pair develop a luxury low-rise condo on Sukhumvit Soi 43, reports local media. The project is valued at THB2 billion and will be launched in the middle part of 2018. This is the 2nd joint venture development between the 2 companies.
“Hong Kong Land is eager to invest in the Thai property market and has expressed interested in locations in the central business district and on Sukhumvit Road between the Asok and Thong Lor areas,” says Singha Estate Chief Financial Officer Methee Vinichbutr to the Bangkok Post.
Singha Estate purchased the 2-rai land plot on Sukhumvit Soi 43 earlier this year. The site is close to Le Dix Palace and near the main road as well as Phrom Phong BTS station. The partners will develop an 8-storey luxury condo here with prices starting at THB250,000-260,000 per sq. metre.
Hong Kong Land is committed to property investment and development in Thailand and they will partner with Singha Estate to launch at least 1 joint venture condo project per year moving forward. At the moment, Singha Estate is considering developing more low-rise condo projects as opposed to high-rise buildings. This is due to the fact that there is a lack of land plots available on the main road that are suitable for high-rise luxury condo developments.
The Sukhumvit 43 development is a low-rise project while Singha Estate and Hong Kong Land’s on Sukhumvit 36 project will be a high-rise building standing 43-storeys tall. The partners believe the 2 projects will sell well despite being near each other.
“We don’t think the new condo project on Sukhumvit Soi 43 we plan to launch will cannibalise The Esse Sukhumvit 36, a luxury condo project we launched last month, as they are targeted at different groups,” says Methee.
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