Developer Altitude Development Co and Japanese real estate company Creed Group have announced a successful fundraising for a joint project of the Altitude Unicorn Sathorn-Tha Phra condominium.
The private equity fund to raise capital for the project is currently closed, and 60% of the apartments sold are expected to be transferred to buyers by the third quarter of this year.
The 34-storey condominium worth 2.5 billion baht was developed jointly with the Creed Group private equity fund.
It is expected that by the end of the year the level of apartments sold will reach 75%.
Altitude Unicorn Sathorn-Tha Phra is one of the few projects in which, despite the price increase, a stable level of sales of new units has been recorded.
This means that the Japanese private equity fund received an annual return on investments in accordance with the plan, while Altitude received higher-than-expected revenues and profits.
Creed Group assesses the prospects for additional investments in upcoming Altitude projects.
The company plans to attract Japanese construction companies and technologies to create new unique projects that are in great demand.