Thailand Property Foreign Investment Gathers Pace
Charn Issara Development has formed a joint venture with investors from China and Hong Kong to develop a Bt3-billion mixed-used project, the Baba Beach Club, in Phang-Nga province. The project, which comprises detached houses, condominiums and a hotel, will commence construction next year.
Nirvana Development, meanwhile, is negotiating with two property funds from Japan and Singapore that are interested in investing in a Thai developer. The company expects the deal to be finalised in March, before it applies to be listed in the Stock Exchange of Thailand.
Earlier, Japanese property firms also expanded their investment in Thailand’s real-estate market by forming joint ventures. Mitsui Fudosan Group did so with Ananda Development, while Mitsubishi Estate Group followed the same path with AP (Thailand).
Surachet Kongcheep, senior manager of Colliers International Thailand’s research department, said investors from Japan, China and Hong Kong were currently interested in expanding their investment in Thailand’s property market, especially in condominiums and retail business.
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