Property Perfect has opened negotiations with firms from Thailand and Japan in an attempt to find a partner to form two or three joint ventures. These partnerships will develop hospitality, retail and residential projects. The company hopes to complete these deals some time in the first half of the year.
“We have to find strategic partners for our expansion in the long term,” said Chainid Adhayanasakul, chief executive officer. “Now the property market faces stiff competition from big conglomerates such as TCC Land by beverage tycoon Charoen Sirivadhanabhakdi, Singha Group, Central and CP Land. They have been aggressively investing in both residential and commercial property markets since last year.”
Local corporations with retail and hospitality experience and three top-level property firms in Japan are among the potential partners for Property Perfect. The developer as well as its subsidiary Grande Asset Hotel and Property have a THB5 billion investment budget that they will use this year to buy land. Residential and hotel projects will be built on the sites purchased by the company.
Property Perfect already has plans to launch 17 residential projects worth a total of THB24.04 billion in 2016. Of these, 12 will be detached-housing and townhouse projects and the remaining five will be condominium projects. The developer is hoping to bring in THB16 billion in presales this year along with another THB20 billion in revenue. This would be an increase of 67 percent from its estimated revenue in 2015.
Grande Asset announced that it will buy land for the development of two hotels and one condo. The subsidiary will spend up to THB2 billion on the land and the projects will be worth a combined THB8.8 billion. The two new hotels are scheduled to be built in Phuket and Rayong while the condo is going to be located in Bangkok’s central business district.
