16 May 2018
PERFECT and “Hongkong Land” jointly introduce high-end housing projects
“Property Perfect” and “Hongkong Land” unveil a low-rise property co-investment pact, targeting the upper-income segment with luxury houses priced as high as Bt100 million. Two pilot projects will be kicked off in Chaengwattana and the East of Bangkok ahead of successive investment projects of which combined value will exceed Bt20,000 million.
Chainid Adhyanasakul, Chief Executive Officer, Property Perfect Public Company Limited, announced the co-investment agreement with Hongkong Land, a world-class property developer, marking the company’s first joint low-rise development with a foreign partner. Under the agreement, a 51:49 joint venture namely PFHKL Co., Ltd is established. The co-investment will initially entail two high-end housing projects under a new brand in Chaengwattana and the East of Bangkok, with the combined value of approximately Bt10,000 million. Both companies also set sight to launch new projects of which combined value of their co-investment will exceed Bt20,000 million, while exploring new cooperation opportunities.
“We are delighted to start our long-term relationship with a leading developer like Hongkong Land. Its expertise and experience will help strengthen our company and bring about new development concepts and knowhow, allowing us to present new community concepts to home buyers. Through this cooperation, we are meant to develop a product which has been new to us. This is a premium housing estate spanning over 100 rai which offers uniqueness in terms of project concept, designs and facilities. Hongkong Land’s reputation can assure customers of the product’s international standard,” Chainid said.
Mr. Robert Wong, Chief Executive Officer of Hongkong Land, revealed: “Hongkong Land has been interested in low-rise residential development and is pleased to join hands with Property Perfect in developing its first low-rise project in Thailand. Hongkong Land has a successful track record of developing both low-rise and condominium projects across the region. In the landed housing segment, we are proud that we have developed several established township projects in China, Indonesia and the Philippines. We’re thus confident that under this cooperation, we will replicate similar success in Thailand. Our 125-year experience in designing, planning, construction and project management will be deployed to create a unique difference in the Thai residential market and enhance Hongkong Land’s reputation in the region.”
Wongsakorn Prasitvipart, Managing Director, Property Perfect Public Company Limited, added: “We will start with 2 projects. One in Chaengwattana is located on a 130-rai land plot, near the expressway and the Pink Line electric train route. The project, with the Lake Resort concept, will house 179 units worth totally Bt4,290 million. It is slated for opening early next year. The other project will be located in the East of Bangkok, with the market value of Bt5,450 million. Under the “Hilly Home” concept, the 200-rai plot will feature 200 luxury houses on the hills surrounding a lake. Both projects will have big lakes as a key selling point. They will carry a new brand, which is more premium than our existing brands. The highlight is a big house by the lake covering an area of 1 rai, coming with a price tag of Bt100 million. This is a rare product in the market. Thanks to Hongkong Land’s expertise, our projects will push Thailand’s luxury residential development standard to the international level."