China Tianchen Engineering Corporation (TCC), a state-owned entity, and its Thai, joint venture partner are preparing launch a condo project worth THB1.9 billion in Bangkok along On Nut Road. The group is hoping to reach 40 percent sales by the end of March and is targeting a complete sellout by the year’s end.
Artemis Sukhumvit 77 will stand 30-stories tall and have a total of 673 units with sizes starting at 26 sqm and going up to 74 sqm. The starting price for a unit at the condominium will be THB2.1 million. The company purchased the three-rai plot of land the condo is being built on from developer Grand Unity Development back in 2012. Grand Unity decided to sell the lot because they believed the area had an oversupply of condo units at the time.
“We completed construction of the project before putting units up for sale to build confidence among buyers that we were maintaining strict quality control,” said executive director Guo Hai Xin.
Guo added that Thailand was the first country outside of China where TCC has made a property investment. The decision stemmed from the fact that TCC realized Thailand is an attractive place for investment with the property sector being particularly strong. The project reflects the company’s confidence in the Thai market and Guo added that TCC is interested in further investment in the Thai property market should the right opportunity present itself.
“Property demand is from both Thai and foreign buyers,” he explained. “Thailand is in a strategic location in the region. Chinese people prefer buying condos in major cities like Bangkok, Chiang Mai, Pattaya and Phuket.”
TCC set up the joint venture with Thai chemical producer Mahachai Chemicals in 2012 and together established CTCC Engineering Co. The joint venture will continue to look at long-term ventures in Thailand with hotels, serviced apartments and the retail facilities having the top priority.
