Chewathai Public Co., the Thai unit of Singapore-listed developer TEE Land, revealed that it will enter Thailand’s luxury property sector, The Straits Times reported. The company is already gearing up for its first luxury launch in the country later this year.
At the moment, Chewathai has focused on the mass-market and mid-tier sectors, however, as those markets continue to struggle, the developer has decided to switch its focus to high-end projects that continue to be in demand. In addition to this, the company will also focus on building landed homes as well.
“We hope to launch luxury projects in the central business district in Bangkok, as well as more landed property, to balance out our entire portfolio, which is all condos now,” Chewathai managing director Boon Choon Kiat told The Straits Times.
Chewarom Residence will be the first project launched under the company’s new focus. It will be a freehold gated community project near Don Muang International Airport. According to the newspaper, there will be a total of 81 units, 15 detached houses and 66 semi-detached units, and prices range from THB5 million to THB8 million.
The first luxury condo project to be launched by the developer will be Chewathai Petchkasem 27 condominium. The company is looking to launch the development in September and will market it in Thailand and Singapore and is considering targeting Hong Kong and Taiwan. The project is expected to be completed in the second quarter of 2018, The Straits Times noted.
“It’s directly opposite Siam University and 500 meters away from Bang Wa BTS station,” Boon explained to the newspaper. “So we are targeting investors who want to buy and rent to students.”
The Surawong (pictured) was Chewathai’s first residential project in the heart of Bangkok and Singaporeans purchased a total of 21 of the 52 units available. Six projects have been completed by the company and another one is currently under construction in Bangkok.
