Joint venture launches B8bn luxury condo on Sathon Road
published : 15 Jun 2022 at 04:00
newspaper section: Business
PMT Property, a joint venture between three multinational companies, is launching 125 Sathorn, a new luxury condominium valued at 8 billion baht.
The property, which aims to attract high-end clients, is forecast to sell units throughout 2022.
The company is a joint venture between Thoresen Thai Agencies Plc (TTA), Kanden Realty & Development Co (KRD), a Japanese conglomerate, and Toray Construction Co (TCC).
Ausana Mahagitsiri, TTA deputy chief executive, said Thoresen has invested in several sectors, including shipping, petrol, gas and food, and now the company sees rising potential in the Thai real estate market.
"The Covid-19 situation is improving and the stimulus policies of both the government and the real estate sector are conducive to sales," she said. "Moves such as reducing the transfer of ownership and mortgage fees for both new and second-hand houses and the Bank of Thailand easing the loan-to-value ratio for mortgages are helping the sector recover from the impact of the pandemic. Since the beginning of this year, real estate operators have been gradually launching new projects."
She said 125 Sathorn is a new luxury residential project on Sathon Road and has unlimited growth potential.
Pattakorn Wongsawan, TTA director of business development property, said the project is located in the heart of Sathon, an area in high demand with limited supply.
"This project has 97 metres of prime Sathon Road frontage; very few large plots with road frontage remain available for real estate project development in the district. Land prices increase yearly, and Sathon has the second-highest property price in Bangkok, at 2.5 million baht per square wah. The prices will likely increase by 2-3% in the years to come," he said.
"During the pandemic, we studied the changes and effects in society to develop a concept for 125 Sathorn. Many people are looking for a 'third place', somewhere outside the office and not the house, for gatherings and recreation."
Kenichi Fujino, the president of KRD, said this project marked his company's first joint venture with a Thai partner.
"We each bring our unique strengths to the table," he said. "On our part, KRD will strive to promote our business by taking advantage of the know-how we have cultivated in residential development in Japan, Southeast Asia and international markets, like the US and Australia, with more than 50,000 units built."
He expressed confidence that TTA, TCC and KRD could add tremendous value to the condominium market in Thailand, with 125 Sathorn set to be a new landmark for luxury property in Bangkok.
Masanobu Kadokawa, TCC president, said Toray Group is synonymous with reliability and quality, and the company has been operating in the Thai market for many years.
"By leveraging TCC's knowledge, innovation and techniques developed through our condominium business in Japan, we will steadfastly demonstrate the value of our product and our partnership to potential buyers. In Japan, TCC has successfully delivered a cumulative total of over 29,000 units nationwide since the start of our condominium business," he said.