TEE Land's Thai unit to build luxury, landed units

The Thai unit of Singapore-listed developer TEE Land intends to get into the luxury property segment and also build more landed homes.

Bangkok-based Chewathai Public Co develops mostly mass-market and mid-tier condominiums but sees opportunity in new market segments.

Managing director Boon Choon Kiat told The Straits Times in an exclusive interview yesterday: "We hope to launch luxury projects in the CBD (central business district) in Bangkok, as well as more landed property, to balance out our entire portfolio, which is all condos now."

Its first landed property development will be a freehold gated community project - Chewarom Residence, near the Don Muang International Airport - to be launched in August or September.

The project will have 15 detached houses and 66 semi-detached units priced between five million baht ($194,500) and eight million baht. Foreign ownership rules mean these units can be sold only to locals.

However, foreigners can buy units at its freehold 560-unit Chewathai Petchkasem 27 condominium development that will be launched in September and possibly marketed here, Hong Kong and Taiwan. Apartments, which range in size from 24 to 40 sq m, will cost about 1.5 million to 2.5 million baht, with average price at about 75,000 baht per sq m. The project is expected to be completed in the second quarter of 2018.

"It's directly opposite Siam University and 500m away from Bang Wa BTS station... So we are targeting investors who want to buy and rent to students," he added.

At the firm's residential project in the heart of Bangkok, The Surawong, Singaporeans bought 21 of the 52 units available.

Chewathai has six completed projects and one under construction in Bangkok. The company also offers ready-built factories for rent.

TEE Land's subsidary, TEE Development, owns 49 per cent of Chewathai, which is expecting to raise about 400 million to 500 million baht through an initial public offering on the Market for Alternative Investment - a stock exchange of Thailand - in the second quarter.

Wong Siew Ying

A version of this article appeared in the print edition of The Straits Times on March 19, 2016, with the headline 'TEE Land's Thai unit to build luxury, landed units'. Print Edition | Subscribe