Singha eyes more condos with partner

Singha eyes more condos with partner

An artist's rendition of Oasis, Singha Estate's office tower with a lettable area of 53,508 square metres in the Chatuchak area.
An artist's rendition of Oasis, Singha Estate's office tower with a lettable area of 53,508 square metres in the Chatuchak area.

SET-listed property firm Singha Estate Plc is set to have a second joint venture with Hongkong Land Ltd in luxury condo development, eyeing a launch next year.

Singha Estate CEO Naris Cheyklin said the Hong Kong-based investment group is interested again in co-investing in a high-rise residential project after the two firms launched the first joint venture for The Esse Sukhumvit 36, a luxury high-rise condominium worth 6.5 billion baht, in late 2017.

"We will finalise the deal with the partner in the second half, as we need to seek a land plot in a prime location to develop the project," Mr Naris said.

In the second half, Singha Estate plans to launch a new condo project worth 4.5 billion baht on a plot opposite duty-free mall King Power Complex Rangnam on Rang Nam Road. This project will not be a joint venture with Hongkong Land, as the target segment is middle-income buyers.

In May 2018, Hongkong Land announced a partnership with SET-listed Property Perfect Plc to develop two luxury single detached housing projects together worth 10 billion baht.

Hongkong Land also has another development project in the pipeline, a joint venture with Central Pattana Plc (CPN) on a 25-rai plot beside Wireless Road.

The plot, previously owned by the British embassy, was purchased for £420 million (17.8 billion baht) last year.

Mr Naris said Singha Estate will invest 8-10 billion baht in Thailand and overseas this year, with the largest amount of more than 5.5 billion baht going to a multi-island integrated resort project called Crossroads Maldives.

In August, Singha Estate will open two new hotels in the Maldives, SAii Lagoon Maldives and Hard Rock Hotel Maldives, with a combined 376 rooms. These will be the first greenfield hotel developments since the company's founding five years ago.

At present, Singha Estate has 37 hotels in five countries with a total of 4,271 rooms, including 29 in Britain, one in the Maldives, four in Thailand's beach destinations, two in Fiji and one in Mauritius.

The company will also spend 250 million baht to start building Oasis, an office tower with a lettable area of 53,000 square metres in the Chatuchak area. It will be completed by 2022.

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