Singapore-based real estate and private equity investment firm SC Capital Partners is looking to take advantage of growing demand in the Eastern Economic Corridor (EEC). In order to do that, the company partnered with Sri Racha-based Golden Group to launch an upscale condo in Sri Racha, reports local media.
The companies believe that the EEC megaproject will help the region’s property market with residential demand in Sri Racha in particular set to increase. Demand for housing in Sri Racha comes from expats working at nearby industrial sites.
“Chon Buri is one of the three provinces in the EEC and a main industrial and commercial gateway. The number of Board of Investment project approvals is on the rise, attracting Japanese investors who employ expatriates from Japan, China and South Korea,” says SC Capital Partners chairman Suchad Chiaranussati to The Bangkok Post.
Golden Group and SC Capital Partners formed the Goldshine joint venture to build Keen Sriracha, a high-end residential project. Golden Group has been building in Sri Racha for 20 years, focusing on low-rise and condo projects. Keen Sriracha will stand 38-storeys when completed and contain a total of 625 units.
The joint venture hopes to sell 50 per cent of the project in the next 6 months. Construction is expected to start in the 3rd quarter of this year and is scheduled to be finished in 2020. The new project will add more high-end units to the total supply in Sri Racha which currently only has 2,000 new and completed units that qualify as high-end.
Keen Sriracha will be the second joint venture project between SC Capital Partners and Golden Group after the pair launched Suntara Residence in 2016. That project was also in Sri Racha and contains a mix of condo units and serviced apartments. The project currently has an occupancy rate of 90 per cent.
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