A Japanese company, Sumitomo Forestry Co. is planning to invest in housing development in Thailand through a joint venture with a local Thai developer. It hopes to expand its business overseas and to finance a growing demand for condominiums in Bangkok. They are building a luxury residence in Bangkok for the upper and middle class to buy.
The company aims to construct a 38-storey luxury condominium with around 400 units in Bangkok’s central Thong Lo area. It will be working with Property Perfect PCL and its associates. The investment is estimated at around $140-million where construction will begin in the third quarter of 2018. It is expected to complete in 2020, according to inside sources of the company.
The forestry firm aims to initiate strong business rapport with leading Thai real estate developer and toughen its overseas sales base. The company has created more housing businesses in Australia and the United States. It has really expanded by creating more luxury residences locally and abroad.
The luxury residence in Bangkok will offer units with one-, two- to three-bedrooms in a floor space of 50 square meters. This is adequate space to move around each residence. More people will be interested to buy or rent the space as it is situated in Bangkok’s central. It will turn out to be a growing demand as people are now searching for homes with great view of the city.
According to Sumitomo Forestry, sales will begin at a time when the buildings are being constructed. This is such to be able to get as much occupants for the building.
For the supposed project, it is entirely owned by Sumitomo ForestryLtd. It will initiate a special purpose company with Property Perfect and its associate Grande Asset Hotels & Property PCL. Its investment margin is 49%, 11% and 40% correspondingly.
Sumitomo Forestry tells us that Property Perfect is an outstanding housing company in Thailand and has disposed a total of 47000 condo units and detached houses. It is also the owner of Kiroro Resort in Hokkaido, which is actually the very first company to engage in prefecture.
Grand Asset offers more premium condominium development and luxury hotel businesses in Thailand.So you can expect a luxury residence in Bangkok by 2019.