Sansiri PLC, Thailand’s only fully-integrated property developer, is courting Taiwan’s property funds to invest in its newest presale project in a central business district in Bangkok.
With help from Blue Ocean Realty Group (藍海房屋), its exclusive broker in Taiwan, the Thai developer is to sell 17 units at The Line Asoke-Ratchada skyscraper to Taiwanese buyers who remain interested in real estate, but frown on fast-growing holding costs and potential price declines, Blue Ocean manager Rich Lee (李進倫) said.
Thailand has attracted foreign property funds in recent years and last year grew into the fourth-largest destination for Taiwanese capital, Lee said.
The government’s “new southbound policy” might provide support to the sales in Taipei over the weekend, Lee added.
Several Taiwanese enterprises have moved to enter the Thai market or deepen their presence, Lee said.
In March, CTBC Financial Holding Co (中信金控) said it would acquire a 35.6 percent stake in Thailand’s LH Financial Group PLC, while Fubon Multimedia Technology Co (富邦媒體科技) has grown into Thailand’s second-largest home shopping network.
Namchow Chemical Industrial Co (南僑化學工業) also announced plans to bolster its operations in Thailand.
The presale project is to cover 38 floors and an adjoining parking structure on a 1,102 ping (3,642m2) plot of land. It is to be comprised of 473 one or two-bedroom apartments priced from NT$4.6 million (US$141,083), the broker said, adding that the new building is near a Bangkok metro station and construction is scheduled to be completed in 2019.
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