Hongkong Land Holdings Ltd. and Property Perfect PCL agreed to jointly develop a residential project valued at at least 4.00 billion baht in Chaengwattana, Bangkok.
To carry out the development, the partners plan to establish a 51/49 joint venture named HKL Perfect Co. Ltd., according to a joint statement. The residential development will sit on a 130-rai (2.34 million-square-foot) land plot, including a lake, and offer 179 housing units by its early 2019 opening.
HKL Perfect will handle the development of the planned luxury residential project and other projects that the two will venture on, such as a second landed housing project in east Bangkok, which the partners are in talks for.
The partnership is a first for both companies, marking the Hong Kong-based developer's debut in the Thai property market and also the Bangkok-based Property Perfect's maiden low-rise development with an offshore partner.
As of May 16, US$1 was equivalent to 32.08 baht.