There are 2 companies from Hong Kong preparing to launch joint venture projects in the Thong Lor area, according to local media reports. Each company will work with a local partner and the new projects are estimated to be worth THB7.77 billion combined.
Wah Ming Optical Manufactory Ltd will team up with Cevas Properties Co for Nivati Thonglor 23, a THB1.6 billion condo. The project will be located on Thong Lor Soi 23 and stand 7 storeys tall. There will be 52 units with prices starting at THB17 million. It is the Hong Kong company’s 1st Thailand development but it has previously invested in real estate projects in London, New York, and Tokyo.
“Thong Lor is my preferred location. I have purchased many condo units in this area for investment. When opportunity knocked, I decided to develop a project in the area as my first property development,” says Wah Ming Optical Manufactory Ltd Director Douglas Cheung to the Bangkok Post.
The development is expected to launch in Bangkok later this month before the joint venture company opens sales of the project in Hong Kong. The partnership is also looking at more developments in the future and could build 2 or 3 more in the next 5 years.
“The joint venture project is my first property development. As a new entrant, we choose to play in the luxury segment, where competition is lower with limited supply,” says Vivat Pipugsmoot, Chief Executive of 888 Thonglor Co, a co-investor in Cevas Properties.
Meanwhile Hong Kong Land, one of the country’s biggest developers, will be investing in The Esse At Sukhumvit 36 alongside Singha Estate Plc. The condo will be located near the Thong Lor skytrain station and is valued at THB6.17 billion. The 43-storey development will be launched in November and is designed to have 338 units when completed. Prices start at THB12 million per unit.
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