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KEPPEL Land Limited, the property arm of Keppel Corporation, has entered into a joint venture with Thai property developer KPN LAND Co Ltd to develop two premium condominium projects in Bangkok's CBD.
It said on Thursday that it has, through its wholly owned subsidiaries, entered into a conditional joint venture agreement with KPN LAND Co Ltd to acquire two prime sites from KPN LAND and other existing landowners for 2.2 billion baht (S$90 million).
Keppel Land's share for the total development cost for both projects is estimated to be 2.8 billion baht as it will hold a 49 per cent stake in the condominium projects, with KPN LAND holding the remaining 51 per cent stake. The partners will jointly manage the two developments.
The first site spans about 1,600 sqm and is located in a prime residential enclave along Sukhumvit Road on Sukhumvit soi 19, within close proximity to the Asoke commercial area. The proposed development is a high-rise condominium comprising some 140 homes in a planned 24-storey tower, with a net saleable area of about 8,000 sqm.
The second site, spanning about 3,200 sqm, is located in a mature residential district along Sukhumvit Road on Sukhumvit soi 28. It will be developed into a condominium that will yield about 265 units spreading across 30 floors, with a net saleable area of about 16,000 sqm. The site is situated within close proximity to the popular EmQuartier and Emporium shopping malls.
Keppel Land CEO Ang Wee Gee said the group continues to seek out opportunities in the Bangkok real estate market and is confident of the potential of Thailand's property market, especially in Bangkok.
He added that the capital city is benefitting from increasing urbanisation, a growing middle class as well as improving infrastructure, "all of which support the demand for quality lifestyle projects with strong attributes and value offerings located in Bangkok's CBD".