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Sumitomo Forestry, partners plan ¥30B Bangkok tower

Japanese homebuilder Sumitomo Forestry Co. Ltd. will build its second luxury condominium tower in Bangkok worth roughly ¥30 billion, alongside local real estate partners Property Perfect PCL and its affiliate, Grande Asset Hotels and Property Pcl, the Nikkei Asian Review reported.

Sumitomo will pool in about ¥14.7 billion, representing 49% of the cost, into the project that will be developed and sold via a special-purpose vehicle created by the trio.

The development will offer 500 to 600 units for sale across 60 to 70 stories from April 2019.

Sumitomo's first luxury condo in the area features 310 units, which will be on sale in the fall, the July 6 report added.

As of July 5, US$1 was equivalent to ¥110.60.