Developers unite for joint projects

Developers unite for joint projects

Last year, several developers joined together to launch housing projects in Bangkok. While agreements on joint projects are not something new for the development of condominiums or multifunctional centers, however, this is an innovation for low-rise buildings.

Property Perfect was one of the first firms to use joint ventures for housing projects in Bangkok. In 2022, the developer launched two suburban residential complexes together with Hong Kong Land. They had previously worked together on two other housing developments in the Thai capital.

In addition, Property Perfect and Sumitomo Forestry, a Japanese firm, have also joined forces in a low-rise housing project. The focus of all these joint ventures was the segment of luxury detached houses.

Elsewhere, Sansiri and Japan's Itochu Corporation have shifted their joint venture's focus from condominiums to low-rise housing. The couple launched their first low-rise Burasiri Krungthep Kreetha project in a Bangkok suburb last year. The cooperation between Tokyu and Sansiri began in 2017. During this time, the companies have completed the construction of three condominiums in Bangkok: Taka Haus Ekamai 12, The Base Sukhumvit 50 and XT Ekkamai. The companies have not abandoned condominium projects, but now they are concentrating on working on low-rise projects that have become more popular.

There are partnerships not only of Thai companies with foreign ones, but also associations of Thai firms. D'well Grand Asset and Sethiwan Group have started working on a joint project ARENA Roma 9, this is luxury housing, which is estimated at 380 million baht.

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