A new condo development in Bangkok has sold its entire foreign quota of units to a real estate agent, according to a press statement.
The project, Runesu Thoglor 5 by Japanese developer Shinwa Group, also sold the entire Thai allocation of units at a recent sales event.
Under Thai law foreign buyers and investors are only able to own 49 percent of available space at any new condo development.
The developer now plans to expand its investment in the building and construction industry in Thailand after this
Tomoyasu Yamabe and Wichai Chula-Olarnkul, co-Chief Executive Officers of W-Shinwa Co. Ltd, said the company is eyeing to become a distributor of Sigma Beam, a Japanese innovative construction technology.
Sigma Beam Is said to increase additional usable space by 40 percent, according to the developer.
Wichai said: “This is the first time that Shinwa Group has invested outside Japan, and it choose Thailand as the first country.”
Yamabe added that the new condo development was awarded the ‘Best Low-Rise Condo Interior Design’ at the recent PropertyGuru Thailand Property Awards.
Runesu Thonglor 5 in Soi Thonglor 5, and will have eight storeys and 156 units of one-and-two bedroom types with sizes from 29 sqm up to 75 sqm.
Construction will start this month with completion expected during the second quarter 2019.