Hong Kong giant Swire makes push into luxury residential in Bangkok with 2.4b baht land buy

Chong Xin Wei

Published Thu, Feb 2, 2023 · 05:05 PM

SWIRE Properties has acquired a 40 per cent stake in a prime freehold plot in Bangkok for 2.4 billion baht (S$95 million), its first investment in the Thai capital’s property market.

The Hong Kong company bought the interest in the Wireless Road site from HKR International. It plans to develop the site into a luxury condominium project in a joint venture with Thai developer City Realty. The 136,336 square feet site is located in the Lumphini sub-district in Pathum Wan District. It is situated next to the Lumphini park and is close to upscale shopping malls, international schools, five-star hotels and embassies.

“Bangkok is currently one of the most exciting emerging markets in South-east Asia and we see significant potential for quality, high-end residential properties in the city,” said Tim Blackburn, chief executive officer of Swire Properties, in a statement on Thursday (Feb 2).

In 2022, Swire announced plans to invest HK$100 billion (S$16.6 billion) in its core markets, including South-east Asia, Hong Kong and China, to drive future growth over the 10 years. About 20 per cent of the funds will be allocated to residential trading opportunities in these markets, Swire said. The company has several residential projects currently under development in South-east Asia, including in Ho Chi Minh City in Vietnam and Jakarta in Indonesia.

In Singapore, the company completed the development of Eden, an ultra-luxury residential project in Draycott Park, in 2019. In March 2021, Swire announced that it had sold all 20 units, each 3,035 sq ft in size, for S$293 million. According to caveats data, there were two transactions for two units – one at S$13.07 million (S$4,305 per square foot) and one on a much higher floor for S$18.29 million (S$6,024 psf), and 18 units sold in a bulk transaction for S$261.64 million or S$4,789 psf. All 20 units were said at the time to be sold to a single Chinese family.

“South-east Asia is an important part of our residential trading strategy, and we will continue to explore opportunities which enable us to bring our premium residential brand to new markets in the region,” said Blackburn.