Swire Properties enters Bangkok property market
Swire Properties has acquired a 40 percent 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 Ltd. for a consideration of THB 2.4 billion ($72 million).
The acquisition marks Swire Properties’ first investment in the Bangkok property market. The company plans to develop the site, located in the prime Lumphini subdistrict 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 most exciting emerging markets in Southeast Asia, and we see significant potential for quality, high-end residential properties in the city. Southeast Asia is an important part of our residential trading strategy, and we will continue to explore opportunities which enable us to bring our premiu