- Prime International Property signs partnership agreement with Thailand’s Areeya Property
- Thailand property market expected to boom between 5 to 10% next 3 years
- Areeya to launch two more high-end projects in Bangkok by year-end
Bangkok, March 2, 2017: Malaysian-based international property consultancy, Prime International Property recently signed a partnership agreement with Thailand’s leading property developer, Areeya Property to market its new generation property to Malaysian investors.
Prime International Business Development and Marketing Senior Manager, Nicole Tan said that despite the softer ringgit and other negative external factors, interest in buying offshore real estate is a booming market.
“Thailand’s property market is expected to boom with a forecast average growth of between five to 10 per cent, in the next three years,” Tan said at the launch of the A Space ID Asoke-Ratchada condominium, here, which is one of the properties to be marketed under the partnership agreement.
Tan said in view of the upward Thai property market forecast, buying offshore property is a good strategy to diversify Malaysian properties’ investment portfolio.
Also present at the signing ceremony was Areeya Property chief executive officer, Wisit Laohapoonrungsee, who said Thailand’s real estate is one of the most reliable growing markets in the world as there is year-on-year growth across all market sectors.
“Condominiums have posted between five and 12 per cent annual price growth every year since 2008, with no sign of slowing down,” he said.
“Even luxury properties, (above US$300,000) a previously sluggish segment of the market, are showing growth and attracting foreign investment dollars for the first time since 2013.” he added.
Areeya plans to launch two high-end projects later this year. The first will be located in one of Bangkok’s super prime area, Sukhumivt 53, with an approximate project value of more than 1.3 billion baht (about USD 37 million).
It will be the only condominium project in Thailand’s history to be delicately designed with a real sense of Japanese influences.
The other condominium will be categorized in super luxury segment where each of its elements will have world class standards and the property will be located on the last available piece of land on Ratchadamri Road – making it a must buy for those who would like to possess a piece of Bangkok’s most valuable legacy.
With over 10 billion baht (over USD 285 million) invested, this project is currently worth the most to Areeya Property and will be considered the top residential development company in Thailand.