Singha, Hongkong Land both upbeat

Singha, Hongkong Land both upbeat

The Esse Sukhumvit 36 condo, a joint venture between Singha Estate and Hongkong Land.
The Esse Sukhumvit 36 condo, a joint venture between Singha Estate and Hongkong Land.

Hong Kong-based investment group Hongkong Land and SET-listed developer Singha Estate remain confident in the Thai property market over the long run.

William Bright, director at Hongkong Land Holdings, a commercial development arm of Hongkong Land, said the company is confident in the Thai property market and will continue investing.

"Our ventures in Thailand are long-term investments," he said. "Despite the political situation, our investment will continue on as planned."

Hongkong Land has three joint venture projects in the pipeline to be launched next year. One of these is a mixed-use development with a high-end mall, a luxury hotel and an Grade-A office tower on Wireless Road where the former British Embassy was situated, in partnership with Central Pattana.

Opposite the former British Embassy plot, Hongkong Land plans to develop a super-luxury condo project as a joint venture with SET-listed developer Noble Development.

This project is scheduled to launch in the first quarter of 2021, after having been delayed from this quarter because of the pandemic, according to Noble.

Hongkong Land is also in a joint venture with SET-listed developer Property Perfect for a super-luxury single detached house project in the Chaeng Watthana area.

"Political demonstrations are unlikely to have an impact on residential demand as we have gone through this kind of situation several times," said Nattavuth Mathayomchan, chief residential development officer of Singha Estate.

However, the company changed strategy and revised the business plan for 2021 as the economic and property market outlook was slowed down by the pandemic.

Singha Estate expects to shift to the low-rise market with all new projects being launched next year for single detached houses and townhouses, as the condo market continues to be sluggish.

"Residential demand in the low-rise market remained strong despite the pandemic," he said.

The company had an open house yesterday for The Esse Sukhumvit 36 condo project, worth 6.5 billion baht.

The project is located on Sukhumvit Road near Thong Lor skytrain station with units sized from 38 square metres and priced from 11.9 million baht.

The company has sold 68% of units and expects to reach 70-75% by year-end.

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