The Singaporean Lee brothers, former major shareholders of Raimon Land, are continuing in the Thai property business by launching six super-luxury single detached houses priced from 218 million baht on Phatthanakan Soi 32.
Lionel Lee, founder and chief executive of Aliyah Corp, said he and his brother Adrian set up Aliyah Corp in October 2020 to continue in the Thai luxury residential segment.
"We are confident about this market in Bangkok, particularly the low-rise housing segment as it continues to be strong and benefit from post-Covid demand," said Mr Lee.
The Lee family, whose main business is offshore oil and gas services based in Singapore under JS Investments, acquired a 24.97% stake in listed developer Raimon Land from IFA Hotels & Resorts, a Middle East investor, in January 2013.
In September 2020, they sold the entire lot totalling 893 million shares accounting for 21.4% to Mesa Thai Pte, owned by Kwee Liong Tek, chairman of Pontiac Land Group, a Singapore-based real estate developer.
With registered capital of 75 million baht, Aliyah Corp is 49% held by Adrian Lee and 51% by Lionel's wife Ornjira Lamwilai, who is also the company's founder and a well-known actress in Thailand.
The company's first project slated for launch next month is Aliyah Reserve worth 1.4 billion baht, which will be located on a five-rai plot on Phatthanakan Soi 32.
The project will comprise six villa-style three-storey single detached houses with a pool priced between 218 and 297 million baht a unit.
According to property consultant CBRE Thailand, luxury and super-luxury housing projects faced no impact from the two-year pandemic as they showed healthy sales performance.
The sales rate of the housing supply in Bangkok in this segment grew consecutively from 68% in the fourth quarter of 2019 to 75% in the second quarter of 2022.
As of the second quarter this year, there were only 745 units available for sale from the total of 3,033 units which rose from 2,032 units 10 quarters earlier.
The consultant's research found that post-pandemic emerging trends in the residential sector include health and wellness, larger and flexible spaces, smart home living and concierge services.
"We will introduce new features unseen in the Thai property market such as flexible spaces, facilities like gyms, spas, steam rooms and salons within the house and a self-contained floor or private apartments in each unit," said Mr Lee.
He said the company expected to close sales within a year as measures to promote foreign investment by allowing them to buy houses would draw interest from foreign investors.