Proud Residence Co, the Park 24-condominium developer in Thailand has signed an investment agreement worth 2.3 billion baht ($63.25 million) with Hong Kong-based boutique property investment firm Fulcrum Capital Ltd.
With $500 million of assets under management, Fulcrum Capital will acquire one of the six high-rise buildings of Park 24 on Sukhumvit Soi 24 in Bangkok.
This deal represents one of the largest investments in Thailand’s residential sector by a foreign investment fund.
“Our investment in Park 24 reflects our strategy to invest in projects with the best locations, outstanding design and value-adding opportunities, as well as best-in-class development partners,” Fulcrum Capital’s managing director Frank Leung said in the statement.
Park 24 is set on a 12-rai land plot and divided into two development phases of 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.
Thongchai Busrapan, chief executive officer of Proud Residences, said that foreigners’ demand for high-end urban property projects in Bangkok has surged continuously due to the upcoming Asean Economic Community, which position Thailand as a major gateway to the region.
Proud Residence, established in 2013 with a registered capital of 1 billion baht, is 70 per cent held by the Liptapanlop family and the remaining 30 per cent by Thongchai Busrapan, former managing director of property developer Noble Development.