BANGKOK: As Thailand’s housing boom cools, Ananda Development Pcl is moving upmarket – striking a deal with Porsche and eyeing new projects in Tokyo and Shanghai to tap Asia’s growing pool of ultra-rich buyers.
The Bangkok-based firm is in discussions with several global luxury brands to secure master franchises across Asia – its top priority, chief executive officer Chanond Ruangkritya said in an interview yesterday.
It is also exploring fundraising opportunities with foreign sovereign wealth funds to support its regional ambitions.
The company is already teaming up with Porsche AG to build a 21-storey apartment block in Bangkok’s Sukhumvit area, which will offer 22 units costing US$15mil to US$40mil when it’s completed in 2028.
The building by Porsche Design will be the group’s first in Asia. This is after properties in Miami, Florida and Stuttgart, Germany, each outfitted with signature garage features to appeal to car enthusiasts.
“I want to build a Porsche hotel plus residential property,” Chanond said, suggesting more projects with the German firm.
Prime real estate in Asia is gaining momentum, fuelled by robust economic growth and rising demand from affluent buyers.
The region’s population of individuals with fortunes exceeding US$10mil is projected to increase by 8.7% by 2028 from last year, according to a report by real estate firm Knight Frank. That would be the third-fastest growth rate in the world after Africa and Latin America.
Tokyo and Shanghai are among Ananda’s potential destinations for developing ultra-luxury mixed-use property projects –combining six-star hotels and high-end residential units – in the next 10 years. — Bloomberg
