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Thai Real Estate Investment – N-Park Enters into Joint Ventures in the Provinces

By on Jan 17, 2014 in Property News

N-Park Enters into Joint Ventures in the ProvincesIn its best bid to diversify business risk during the political stand-off, the SETlisted developer Natural Park Plc (N-Park)will enter a joint venture for six property projects, many upcountry, with an investment of 3 billion baht.

“We’re not worried much about the political situation, as it has not affected our business plan,” said Nakorn Laksanakarn, the president and chief executive.

Three of the projects for this year will have local partners  a condo project worth 1.3 billion baht in Bangkok’s Sutthisan area, a condo project worth 700 million in Chiang Mai and a hotel costing 1 billion in a southern province.

The other three projects the company is investing on its own including a hotel in Chiang Mai costing 1 billion baht and a single-house project worth 3 billion with unit prices of 30 million baht on Sukhumvit Soi 77.

“The hotel business in Chiang Mai has recovered, driven by Chinese tourists.Our hotel in the South is a new market for us to tap,” said Mr Nakorn.

“We’re confident the high-end hous-ing market in Bangkok is returning.”

Yesterday, N-Park launched the first phase of its housing project worth 800 million baht in Sa Kaeo’s Aranyaprathet district, comprising Park Aran Condo with 514 units worth 550 million baht and Park Aran Boulevard with 62 shophouses worth 250 million.

N-Park is the first Bangkok-based developer to enter Sa Kaeo, as the company sees strong potential in border trade in Aranyaprathet, particularly the Rong Kluea border market, where 50 billion baht changes hands each year.

The company bought 80 rai on Sri Phen Road near Rong Kluea market for 400-500 million baht or 5-6 million baht a rai, on which to develop 2,000 condo units and 200-300 shophouses.

Mr Nakorn said the company expects a net profit of 300-400 million baht in 2013, its first profit since the financial crisis in 1997. Accumulated losses are projected to be cleared in two years.

For the full artcle, please visit http://bit.ly/1me5geo

Source | Bangkok Post 17 January 2014

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