Thai paper giant to enter luxury property market
Thai paper giant to enter luxury property market
An outside-the-box company has decided to enter Bangkok’s resilient luxury condominium market
Craft paper maker Panjapol Fibre Container has announced plans to launch a high-end condominium project in Phloenchit worth THB1 billion (USD27.99 million), to be undertaken by its real estate arm Panjapol Property, a company founded in 2014 when Panjapol Fibre Container acquired the land on Phloenchit.
Chotivit Tejavibulya, managing director of Panjapol Property, told media that the company is entering property development because demand in the high-end condos remains strong even with Thailand’s economy struggling. It was also noted that this represents a new opportunity for the business which has had success in other markets.
“We will apply experiences from housing development in the high-end market of Singapore’s Sentosa to develop a residential project in Bangkok,” Chotivit explained. “We will focus on the high-end market and the central business district area.”
Prices in the Ploenchit area have increased dramatically in the past few years. Prices are now THB2 million (USD56,000) per square wah, up from the THB1.5 million (USD42,000) level they were at earlier in the decade.
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Craft Ploenchit will be the company’s first project. The eight-story condo will be constructed on a 387 square wah plot of land on Soi Nai Lert. There will be a total of 90 units and prices will start at THB200,000 (USD5,600) per sqm.
The company’s property business also has two office towers for rent: United Center on Silom Road and the Esso building on Rama IV Road. Panjapol Property has a number of shophouses for rent in Bangkok as well and currently has four properties in Singapore and Hong Kong.
The company’s property business also has two office towers for rent. These are the United Center on Silom Road and the Esso building on Rama IV Road. Panjapol Property has a number of shophouses for rent in Bangkok as well and currently has four properties in Singapore and Hong Kong.
However, paper is where the company made its name. Panjapol Fibre Container is one of the biggest paper makers in Thailand boasting a production capacity of more than one million tonnes each year. Its profits from paper-making allowed it to create a real estate subsidiary and buy the land in Bangkok’s CBD.
This article originally appeared on DDproperty.com on 27 May 2016.
Source: Property Report