Singaporean developer ABN Holding is confident about opportunities in the Eastern Economic Corridor (EEC), joining Sermsub 999 Co, a Thai real estate firm based in Sa Kaeo, to develop a low-rise condo project in Bang Saen, Chon Buri.
Austin Tan, ABN Holding's chief operating officer, said the EEC and many developing infrastructure projects are key factors attracting investment in Bang Saen.
"Bang Saen is more peaceful than Pattaya, and property prices are much lower," Mr Tan said.
"After exploring many locations -- Bangkok, Rayong, Sri Racha -- we ended up with Bang Saen because it hasn't seen new residential developments for three years."
ABN last year launched a joint venture with Sermsub 999 Co, a property firm that has developed apartments for rent, hotels, shophouses and single detached houses, mainly in Sa Kaeo.
The two parties set up Venture Global Holding Co with registered capital of 6.5 million baht, in which ABN holds a 49% stake and Sermsub 999 owns 51%.
Their first joint venture project is The Centro Condo Bangsaen, an eight-storey condo on a two-rai plot in Bang Saen with a total of 304 units worth 550 million baht.
One bedroom units will be sized 28 square metres and two-bedroom ones sized 58 sq m.
The latter will be the first time Sermsub 999 imports an idea from its Singaporean partner, offering two separate rooms inside some condo units. Each will have its own bathroom, living room, dining and kitchen areas to facilitate two tenants.
Pheerapol Rangsimanurak, president of Sermsub 999 Co and chief executive of Venture Global Holding, said cohabitation is common in Singapore, where property prices are high.
"With a two-bedroom unit, the owner may use one room and rent out the other," he said.
Mr Pheerapol, 42, said the project will also tap investment buyers as it is 400m from Burapha University, where many Chinese study each year.
Mr Tan, also chief project officer of Venture Global Holding, said the company will introduce the project in Singapore in the second quarter after a launch in Chon Buri in January and Bangkok in March.
"Condo units sized 30 sq m are priced at least 15 million baht in Singapore and 3-5 million baht in Pattaya," said Mr Tan, 29.
"We expect the project will be sold out in 12 months."
ABN and Sermsub 999 are new developers. ABN has developed five low-rise housing projects worth a combined S$56 million in Singapore, while Sermsub 999's developments tally more than 4 billion baht.