As the effect of weak consumer spending, Bank of Thailand’s loan-to-value (LTV) measures implement and Covid-19 pandemic, many real estate developers have to launch whatever campaigns and promotions even offering a discount in order to survive amid the property slow down crisis.
Property Perfect Public Company Limited (PF) has entered into joint investment with Hong Kong Land to develop a high-end detached house project “Lake Legend Chaengwattana” on a 102-rai backlog land located on Chaengwattana worth 5,400 million baht.
The project splits up into 2 phases…the joint venture invested 2,000 million baht for 57 units development in the first phase consisting of 5 house styles, with the house price range of between 26 million baht and 70 million baht. As of now, the sales has already exceeded 550 million baht, better than its expectation of 450 million baht.
For the second phase, it is expected to start the project by the end of 2021.
PF invested an additional 400 million baht to construct a road distanced 4 kilometers leading from the housing estate to Pakkret station within 5 minutes.
Moreover, PF has sold a 14.8-rai property to SISB Public Company Limited (SISB) to build a new Singapore International School of Bangkok.
The highlight is that there are about 200 rai of land left in the area, therefore a luxury community mall might be built to support the community where a luxury housing estate and high-end schools are already placed. Whether PF develops the shopping center by itself or whoever, it will improve attractiveness for the high-end house project.
Resulting in a business ecosystem for PF…
PF also plans to sell its assets worth a total 10,000 million baht consisting of plots in Ratchadaphisek Road and Ram Intra worth a combined 5,000 million baht, and disposed of a 45% stock in Royal Orchid Hotel (Thailand) Public Company Limited (ROH).
The assets sale is aimed to boost the company’s cash flow for future investments. So, if PF is able to dispose of its assets before Lake Legend Chaengwattana is completed, it will help to increase profit.
Hopefully, PF will succeed in its Lake Legend Chaengwattana project.