Representatives of Hong Kong Land and Singha Estate | Photo Courtesy: Hong Kong Land
Property developers Singha Estate and Hong Kong Land signs a joint venture agreement to develop a luxury Bangkok condo, which promises to be an exciting new Thailand property investment.
Singha Estate Public Company Limited (“Singha Estate”) and the Hongkong Land Group (Hongkong Land) last 6 Feb signed a Shareholders’ Agreement to form a joint venture, S36 Property Company Limited, to develop a super-luxury condominium project in Bangkok.
Under the terms of the Shareholders’ Agreement, Singha Estate and Hongkong Land will hold 51% and 49% of the joint venture company respectively. Singha Estate will also provide its expertise to oversee the development under a Master Service Agreement, also signed last 6 Feb. Hongkong Land will contribute its wealth of experience in designing and developing the project to a world-class standard.
The project is situated on the corner of Sukhumvit 36 next to Thonglor BTS station and will be a 40 storey residential tower with approximately 400 units on 2 rais of land. The estimated project value is THB 6,000 million (US$170 million).
Mr. Naris Cheyklin, Chief Executive Officer of Singha Estate commented, “It is our pride to co-develop our 3rd super luxury condominium together with such a renowned real estate developer in Asia. We hope that this is the beginning of a long-lasting relationship.” Mr Robert Wong, Chief Executive of Hongkong Land added, “This development is our first residential project in Bangkok and we are very pleased to partner with Singha Estate for this venture. I am confident that this will be a very successful project, and that the partnership will continue to flourish as we explore more opportunities in the future.”
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