MSN on October 02, 2015, 08:52:32 AM
Park 24 and Fulcrum Capital seal Bt 2.3-billion investment deal, affirming the strength in Thai property sectorProud Residences Co., Ltd.,the developer of high-end urban high rise condominium Park 24, and Fulcrum Capital Limited signed an investment agreement worth Baht 2.3 billion,representing one of the largest investments in residential properties in the Thai real estate market by a foreign investment fund. The deal reflects the stability of Thai property sector, the strong investor sentiment on Thai economy and the relative scarcity of high quality assets in Bangkok’s CBD.
Serving as an honorary witness in the agreement signing ceremony, Mr. SuwatLiptapanlop, former Deputy Prime Minister,said“I’m particularly delighted by the success of the investment deal which reflects foreign investor’s confidence in Thailand and Thai economy. With its strategic geographic location in the ASEAN region, Thailand fares better than other neighboring countries as preferred residence for foreign investors and tourists. The strong tourism potential of Thailand is also a supporting factor.”
Mr. Thongchai Busrapan, Chief Executive Officer, Proud Residences Co., Ltd., revealed that “High end urban property projects in Bangkok will continue to seetremendous opportunities in foreign markets, particularly in light of the upcoming establishment of the Asean Economic Community, which will position Thailand as a major gateway to the region. Bangkok will welcome a large number of expatriates who prefer to reside in convenient locations in inner city districts.”
“Park 24 continues to garner high interest from local and international consumers and investors, both individual and institutional, and the recent launch of Park 24 Phase 2 has seen a tremendous success thanks to its strategic location on a 12-rai land plot on Sukhumvit 24, one of the mostsought-after urban neighborhoods in Bangkok CBDs,” added Thongchai.
According to Mr. Frank Leung, Managing Director of Fulcrum Capital Limited, “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. We look forward to working with Proud Residences to bring the project to fruition, and to work with our asset management partners to provide a comprehensive management and lettings solution to our customers both in Thailand and overseas, whether they are interested in purchasing the property for self-use, as a holiday home or for rental income.
About Park 24:
Park 24 is a high-end condominium project with a huge garden set in a 12-rai land plot on Sukhumvit 24 and is divided into two development phases worth Baht 11,681 million in aggregate. Developed under the ‘Urban Forest’ concept, the project comes with a large garden spanning a 10-rai area, giving its residents the perfect combination between urban and natural living environment. Park 24 is ideally located in the heart of Sukhumvit CBD with convenient access from both Sukhumvit 24 and Sukhumvit 22, and Rama 4 as well as in the middle of the EM District, the most prominent and comprehensive upscale lifestyle and entertainment destination in Asia.
About Fulcrum Capital Limited
Established in 2009, Fulcrum Capital is a boutique real estate investment firm based in Hong Kong with US$ 500 million of assets under management. The company focuses on city-center investments in the UK and ASEAN, and partners with some of the best developers in these regions. In addition to capital, our experienced team works intimately with our partners to deliver the best-in-class product in some of the most exciting cities in the world. Furthermore, we also leverage our network of distribution partners worldwide to market our products, providing a one-stop solution to customers, helping them to add the strength of global real estate to their portfolio and taking away the complexities of managing their properties.
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