Siamnuwat Co recently unveiled its newest project, the 21-storey Wish Signature II Midtown Siam luxury condo. The project is valued at THB 3 billion and the company plans to launch another luxury project near Siam Square sometime next year, according to a press release.
The Wish Signature II Midtown Siam comes 3 years after Siamnuwat launched its Wish Signature Midtown Siam. The latter project is already sold out and currently under construction. It is expected to be completed next year. Meanwhile, building on Wish Signature II Midtown Siam will start in 2018 and should be finished in 2020.
The company plans to launch another high-end condo project and this will likely come to fruition in the 2nd quarter of next year. The new development will require a similar investment as Wish Signature II Midtown Siam and will also be located in Bangkok’s CBD.
Siamnuwat focuses mostly on luxury projects and will continue with this trend over the next decade. Its projects are located in CBD areas where demand is high. The developer will spend anywhere from THB 500 million to THB 1 billion annually to acquire land plots in prime locations.
“We expect the real estate sector to keep on growing with the government’s big-ticket infrastructure projects, with strong demand both from domestic and international investors, particularly in CBD areas along the skytrain lines,” says Siamnuwat Chief Executive Tharathorn Aksaranuwat in a press release.
At the moment, Siamnuwat has land plots totalling around 500-600 rai in Bangkok, but most of these are in areas such as Pin Klao, Kanchanaphisek and Ratchaphruek, which are away from the city centre. The company will look to build on these plots in the future.
“Siamnuwat still prefers the conservative approach in new investment developments. New developments outside the CBD area on plots we already own are likely once Bangkok’s mass transit network is developed in those areas,” says Tharathorn.
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