Keppel Land, a Singapore-based property developer has entered into a conditional joint venture agreement with Thai property developer KPN Land.
The new JV will acquire two sites in Bangkok’s central business district for approximately THB 2.2 billion.
But where will the partners develop the two planed freehold condominiums projects?
The first site, about 1,600 sqm, is located in Sukhumvit Soi 19 close to Asoke. The proposed development, a high-rise condominium, will comprise approximately 140 units in a 24-storey tower, with a net saleable area of about 8,000 sqm. Excluding any common areas that’s an average of 57 sqm per unit.
The second project, about 3,200 sqm, is located in Sukhumvit Soi 28 and will feature about 265 units spread over 30 floors with a net saleable area of about 16,000 sqm. That’s an average of 60 sqm per unit excluding common areas.
The two “luxury” developments will feature one- and two-bedroom configurations, with the construction of both developments expected to start during Q3 2018.
Ang Wee Gee, Chief Executive Officer of Keppel Land, said: “We continue to seek opportunities in the Bangkok real estate market.”
“We are confident of the potential of Thailand’s property market, especially in Bangkok, which is benefitting from increasing urbanisation, a growing middle class as well as improving infrastructure.”
“All of this supports the demand for quality lifestyle projects with strong attributes and value offerings located in Bangkok’s CBD.”
The Singapore developer has many projects throughout Southeast Asia. One example (pictured) is Marina Bay Residences in Singapore, which was a runner-up in the Residential (High Rise) category at the prestigious FIABCI Prix d’Excellence Awards in 2012,