Swire Properties partners with City Realty to develop luxury condominiums on a rare freehold plot on Wireless Road
BANGKOK, Feb. 1, 2023 /PRNewswire/ -- Swire Properties is pleased to announce that it has acquired a 40% interest in a site located on Wireless Road in Bangkok, one of the city's most prestigious addresses, for residential development. The interest was purchased from HKR International Limited for a consideration of THB 2.4 billion (around HKD570 million).
This acquisition marks Swire Properties' first investment in the Bangkok property market. The Company plans to develop the site, located in the prime Lumphini sub-district in Pathum Wan District, into a luxury condominium project, in partnership with renowned local developer City Realty Co. Ltd.
"We are very excited to be entering into the residential market in Bangkok. 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 which enable us to bring our premium residential brand to new markets in the region," said Tim Blackburn, Chief Executive of Swire Properties.
"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."
With a site area of 12,666 sqm (approximately 3,166 square wah), the site enjoys an unrivalled location in the core CBD area of Bangkok and the project will have open views of both Lumphini and Benjakitti parks. Situated adjacent to Lumphini park, the site is conveniently located close to upscale shopping malls, international schools, five-star hotels and embassies.
In 2022, Swire Properties announced plans to invest a total of HKD100 billion in its core markets, including South East Asia, Hong Kong and the Chinese Mainland, to drive the Company's future growth over the next 10 years. Around 20% of the funds will be allocated to residential trading opportunities in these markets. In addition to Bangkok, Swire Properties also has several residential projects currently under development in key cities in South East Asia, including Ho Chi Minh City in Vietnam and Jakarta in Indonesia. In Singapore, the Company has completed the development of EDEN, an ultra-luxury residential project designed by Thomas Heatherwick from Heatherwick Studio. All 20 apartments in the project were sold for an aggregate of SG$293 million in March 2021.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel, and residential properties, with a particular focus on mixed-use developments in prime locations at major mass transportation intersections. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Taikoo Place, Cityplaza, Pacific Place, Citygate Outlets. The Company's completed portfolio in Hong Kong comprises approximately 16.8 million sq ft (approximately 1.56 million sqm) of space.
In the Chinese Mainland, Swire Properties has six completed mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai. They include Taikoo Li Sanlitun and INDIGO in Beijing, HKRI Taikoo Hui and Taikoo Li Qiantan in Shanghai, Taikoo Hui Guangzhou and Sino-Ocean Taikoo Li Chengdu. INDIGO II in Beijing, Taikoo Li Xi'an and a new retail-led project in Sanya are currently under development. The Company's completed portfolio in the Chinese Mainland comprises approximately 14 million sq ft (approximately 1.3 million sqm) of space.
In addition to Hong Kong and the Chinese Mainland, the Company has investments in the United States, Indonesia and Vietnam.
To mark Swire Properties' 50th anniversary, the Company is celebrating its achievements and the core values behind its success over the past 50 years with the theme of "ORIGINAL. ALWAYS.". "ORIGINAL" highlights the forward-looking and innovative spirit of Swire Properties, while "ALWAYS" represents the Company's long-term development.
Visit Swire Properties' website at www.swireproperties.com