Property Perfect Plc and its subsidiary Grande Asset Hotels and Property Plc are set to launch 27 new residential projects next year as it hopes for an economic turnaround in Thailand. The new developments are valued at over THB44 billion combined, reports local media.
It will launch 2 new projects with a joint venture partner. These will be a luxury condo development and single housing project that will be built with its Japanese partner Sumitomo Forestry Ltd.
“Sumitomo is also looking at doing a joint venture in our villa project Kiroro Ski Resort in Japan, where we have around 300 rai remaining for a future development worth around THB20 billion. The deal will be finalised next year,” says Property Perfect Chief Executive Chainid Adhayanaskul to The Nation.
Property Perfect hopes the joint venture deal with Sumitomo is signed off on early next year and will see the partners develop a detached housing project. This will be Sumitomo’s 1st project in Southeast Asia, but the company has experience in the U.S. and Australia.
Units at the detached house project will be priced at somewhere between THB5 to 10 million. The project will be built and decorated with real wood provided by Sumitomo, which is an area of expertise for the company. The wood is going to be imported from Indonesia and the unit design will be tropical allowing the development to appeal to Thai buyers.
A total of 25 new projects valued at THB32 billion will be launched by Property Perfect while Grande Asset Hotels and Property will launch 2 projects. Those 2 are worth THB12 billion combined.
One of the developments to be launched by Grande Asset Hotels and Property will be a mixed-use project in Rayong. The development will have villas and condos valued at THB2 billion each as well as a hotel that is worth THB1.7 billion.
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