Swire Properties recently announced that it has acquired a 40% interest in a site located on Wireless Road in Bangkok for residential development. The interest was purchased from HKR International Limited for a consideration of THB 2.4 billion (around HKD570 million).
This acquisition marks Swire Properties' first investment in the Bangkok property market. The company plans to develop the site, located in the prime Lumphini sub-district in Pathum Wan District, into a luxury condominium project, in partnership with renowned local developer City Realty Co Ltd.
"We are very excited to be entering into the residential market in Bangkok. Bangkok is currently one of the most exciting emerging markets in South East Asia and we see significant potential for quality, high-end residential properties in the city. South East Asia is an important part of our residential trading strategy, and we will continue to explore opportunities which enable us to bring our premium residential brand to new markets in the region," said Tim Blackburn, Chief Executive of Swire Properties.
"This is a rare opportunity to develop a freehold site within the core area of Bangkok and, working closely with City Realty, a reputable partner with invaluable local experience, we are confident that we will be able to develop a new landmark in Bangkok."
With a site area of 12,666 sq m, the project will have open views of both Lumphini and Benjakitti parks.
In 2022, Swire Properties announced plans to invest a total of HKD100 billion in its core markets, including South East Asia, Hong Kong and the Chinese Mainland, to drive the company's future growth over the next 10 years. Around 20% of the funds will be allocated to residential trading opportunities in these markets. In addition to Bangkok, Swire Properties also has several residential projects currently under development in key cities in South East Asia, including Ho Chi Minh City in Vietnam and Jakarta in Indonesia. In Singapore, the company has completed the development of EDEN, an ultra-luxury residential project designed by Thomas Heatherwick from Heatherwick Studio. All 20 apartments in the project were sold for an aggregate of SG$293 million in March 2021.
The residential site is located in the central business district of Bangkok