Developer Habitat Group is making a THB2.8 billion investment in two new luxury low-rise condominiums as part of a joint venture agreement with List Group, a Japanese brokerage, development and property management firm. The projects are being developed under Habitat Group’s Walden Brand that feature low-rise condominiums suitable for investment.
“Walden Thonglor 8 and Walden Thonglor 13 offer something new for investors and residents interested in the Thonglor area of Bangkok. Both condominiums are of a specification more normally found at developments with a much higher price tag, and their designs build on the award-winning principles of the Walden brand,” Chanin Vanijwongse, Chief Executive Officer of Habitat Group, explained during a recent press event.
The company is partnering with Thai-based, Japanese property management specialists JRE Development, a subsidiary of JALUX Inc., for the two developments. The firms believe that Walden Thonglor 8 and Walden Thonglor 13 will be popular with the growing Japanese expat market that enjoys the Thonglor area of Bangkok. Several Japanese-themed or inspired entertainment and retail venues, such as the recently opened Donki Mall Thonglor, can be found in this part of Bangkok.
“Thonglor is a growth area with strong appeal for investors and healthy rental potential, particularly amongst Japanese expats. Thonglor commands the highest rental rates in the city reaching THB1,000 per square metre and delivers an average capital gain of more than six percent annually,” Chanin stated. “There are many Grade A office buildings in the area, together with lifestyle facilities such as shopping and dining, education and healthcare, however, there is a limited supply of property that has investor appeal, and with more than seven years experience in developing properties-for-investment this is our competitive advantage for Walden Thonglor 8 and Walden Thonglor 13.”
The developer estimates that more than 70,000 Japanese expats currently live and work in Thailand with a significant number also travelling to the country for business. These numbers are expected to increase over the next five years with the Eastern Economic Corridor project bringing more businesses to Thailand. JRE Development will work closely with Habitat Group and List Group to create facilities and services that appeal to the Japanese expat market.