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Luxury Bangkok Condo property developer keen on non-residential development

By on Jan 28, 2016 in Property News, Residential

wmgallery-buildingThaland’s largest luxury Bangkok condo property developer is planning to shift its investment focus to non-residential development. This is due to weak domestic housing demand. Managing Director, Adisorn Thananan- narapool said the company would double total investment to 14 billion THB this year. 7 billion would be for new plots for housing development.  The other half would be for acquisitions and development of the rental property business, up from 3 billion baht in 2015.

Part of this is USD 100 million to buy an apartment building for rent in San Francisco and USD 10 million to renovate it.

Thailand Property c1_833688_160121063834_620x413“Investment in US rental apartments is attractive. Last year we gained a 50% profit from our first apartment. We sold it for USD 18 million last year after buying it for only USD 12 million in 2012,” he said.

“The property market this year will be flat again as the country’s economy still cannot rely on exports,” said President Naporn Sunthornchitcharoen.  “The middle to upper end housing market will continue growing from last year as the economy is really hurting the lower-income segment,” said Mr Naporn. The company’s presales last year comprised 63% from units priced 6 to 100 million baht.

Source: Bangkok Post 21st January 2016
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Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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