Launch two joint venture projects in Thong Lor worth over 2.8 Billion Baht
Leading Thai property-for-investment developer, Habitat Group, today announced a joint venture partnership with Japanese real estate specialists, List Group. The joint venture will develop two luxury low-rise condominiums “Walden Thong Lor 8” and “Walden Thong Lor 13” which have a cumulative value of over 2.8 billion baht and it will also expand Habitat Group’s sales reach and brand recognition internationally through List Group brokerage network.
Mr. Chanin Vanijwongse, Chief Executive Officer of Habitat Group, comments, “Under our joint venture with List Group, we will develop two luxury low-rise condominium projects
in the Thong Lor area of Bangkok, namely Walden Thong Lor 8 and Walden Thong Lor 13. This partnership furthers Habitat Group’s strategy of developing luxury condominiums in Bangkok’s CBD, and on the back of our success in China and Hong Kong we will leverage List Group’s network of overseas offices and extensive experience in Japan to support our growth and expand Habitat Group’s international client base.”
The partnership between Habitat Group and List Group will see two new entities created; Habitat Group List Co., Ltd to develop Walden Thong Lor 8, and Habitat Group List 2 Co., Ltd. to develop Walden Thong Lor 13. Habitat Group will retain 62% holding in each company and List Group, 38%.
The Walden brand is about privacy, intimacy, and charm. Modern in design, Walden low-rise condominiums merge luxury with nature in prime CBD locations and provide both a unique investment and residential opportunity for buyers.
Located on Soi Thong Lor 8, Walden Thong Lor 8 is a luxury low-rise eight-storey condominium, consisting of 117 units located just 100 meters from the main road. Units range from 32.5 to 71 sqm. with an average price of 235,000 – 260,000 baht per sqm. The project is scheduled to launch in Q3/2019. Walden Thong Lor 13 is also a luxury low-rise eight-storey condominium and comprises 122 units ranging from 35 to 60 sqm. With an average price of 185,000 – 220,000 baht per sqm, Walden Thong Lor 13 is scheduled to launch in Q3/2019.
“Thong Lor has become a growth area in recent years in large part due to its prime CBD location and connection to Sukhumvit Road, and as a result, the area retains a lot of investment potential. Many Grade A office buildings and high-end residences are located in the area and this continues to drive property prices upwards. The easily accessible shopping, dining and leisure facilities are another driver that makes Thong Lor one of the top real estate investment areas in Bangkok,” added Mr. Chanin.
“Thong Lor is a popular residential area with high-income earners and international residents, especially Japanese expats based in Thailand, and compared to other condominiums in the area, Walden Thong Lor 8 and Walden Thong Lor 13 are exceptional value for money. The prime location, high-quality finishes and award-wining architectural style for which the Walden brand has become known and respected, make both developments ideal investment properties.”
Founded in 1991 in Yokohama, Japan, List Group has extensive experience as a brokerage agency, developer of residential condominiums and landed houses, asset managers as well as in fund management. In Thailand and other South East Asia countries, though it’s residential development and fund management experience, List Group is accelerating its real estate investments.
After acquiring the exclusive business rights to “Sotheby’s International Realty” in Japan in 2010 and in 2013 in Hawaii, List Group has been expanding its business field to South East Asia and today, it has List Sotheby’s International Realty offices in Philippines, Singapore, and Hong Kong, and opened in Thailand in Q3/2018. In addition, List Sotheby’s International Realty also provides access to the network of Sotheby’s International Realty consisting of 990 offices among 72 countries. This List Sotheby’s International Realty’s global network will drive international sales in Walden Thong Lor 8 and Walden Thong Lor 13.
Mr. Hisashi Kitami, Founder, CEO & President of List Group explains that “Thailand is a key market for List Group, especially Bangkok, where we see the fundamentals are strong and expect growth in the luxury real estate segment to continue. We chose to work with Habitat Group due to their unique business strategy of developing premium properties for investment, their detailed market research, as well as their track record of developing quality, award-winning condominiums. Our overseas real estate experience will bring an international perspective to the partnership and we will leverage List Sotheby’s International Realty’s presence across the region and the worldwide network of Sotheby’s International Realty to reach High Net Worth Individuals which we believe will be interested to invest in Walden Thong Lor 8 and Walden Thong Lor 13.”
Habitat Group and List Group are bullish on the second half of 2019. With a stable economy and limited new supply in the luxury segment, Walden Thong Lor 8 and Walden Thong Lor 13 offer buyers, a solid investment opportunity with strong ROI potential and capital gain predicted.