Park 24 - SELL BEFORE TRANSFER FROM DEVELOPERProperty ID: SPSA-4600
- ฿ 7,600,000
- For Sale
- Square meters
- Property ID: SPSA-4600
- Property Type: Condo
- Internal size: 28.89 Sqm
- External size: -
- Neighborhood: Phrom Phong
- Total floors: 51
- Units in Building: 837
- Year Built: 2016
- Furnished: -
- Pet Policy: Not Allowed
- Completion Year: 2018
- Nearest BTS Station: Phrom Phong
Proud Residence Co, the developer of high-end urban condominium Park 24,
Fulcrum Capital, a boutique property investment company with US$500 million of assets under management, will acquire one of the six high-rise buildings of Park 24 on Sukhumvit Soi 24 in Bangkok.
The deal represents one of the largest investments in residential properties in the Thai market by a foreign investment fund.
It also reflects the relative scarcity of high-quality assets in Bangkok’s central business district.
Park 24 is set on a 12-rai plot and divided into two development phases worth a combined 11.7 billion baht.
Developed under the Urban Forest concept, the project comes with a huge garden spanning 10 rai, giving residents a mix of urban and natural living.
Park 24 has easy access from Sukhumvit Soi 24, Sukhumvit Soi 22 and Rama IV Road and is close to the Emporium and EmQuartier shopping centres.
Established in 2013 with registered capital of 1 billion baht, Proud Residence is 70% held by the Liptapanlop family and 30% by Thongchai Busrapan, former managing director of SET-listed developer Noble Development Plc.
The Liptapanlop family jumped into property development in 2009 with Proud Real Estate Co, investing 8.8 billion baht to date.
Their developments include the InterContinental Hua Hin Resort and its 40-room extension, BluPort Hua Hin Resort Mall and Vana Nava Hua Hin water park.
Future projects include Holiday Inn Resort Hua Hin, a high-rise hotel on a 10-rai site with 300 rooms, and Vana Nava Residence, a high-rise condo on a five-rai site. Both will be near the water park.
Suwat Liptapanlop, former deputy prime minister, said the deal with Fulcrum Capital reflected foreign investors’ confidence in Thailand and its economy.
With its strategic geographic location in the Asean region, Thailand is a preferred location for foreign investors and tourists.
Mr Thongchai said high-end property projects in Bangkok would continue to see tremendous opportunities in foreign markets, particularly in light of the upcoming establishment of the Asean Economic Community.
“Bangkok will welcome a large number of expatriates who prefer to reside in convenient inner-city districts,” he said.
“Park 24 continues to garner high interest from local and international consumers and investors, both individual and institutional, and the recent launch of Park 24 Phase 2 has been a tremendous success thanks to its strategic location in one of the most sought-after urban neighbourhoods in Bangkok.”
Frank Leung, managing director of Fulcrum Capital, said the investment in Park 24 reflected its strategy to invest in projects with the best locations, outstanding design and value-adding opportunities.
- 24-hours Security
- Children’s Room
- Swimming Pool
Location in Phrom Phong
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