Swire Properties buys 40% stake in premium residential site in Bangkok
The transaction was worth HK$570m.
Swire Properties has acquired a 40% interest in a premium residential site in Bangkok from HKR International Limited for a consideration of HK$570m.
The site is located on Wireless Road, which is amongst the most prestigious addresses in the city.
“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 that enable us to bring our premium residential brand to new markets in the region,” Tim Blackburn, Chief Executive of Swire Properties, said.
“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.”
The company plans to develop the site into a luxury condominium project, in partnership with local developer City Realty Co. Ltd.