Proud Real Estate Enters Bangkok Residential Market
Proud Real Estate is the real estate development arm of Prayoonwit Group, one of the largest and oldest civil construction companies in Thailand, has budgeted up to Bt10 billion for a Bangkok residential project called Park 24 on Sukhumvit Soi 24 that will take at least three years to develop.
Managing director Proudputh Liptapanlop, Suwat’s daughter, said the company had decided to expand into residential projects after successfully developing commercial buildings. These include InterContinental Hua Hin Resort and the BluPort Hua Hin Resort Mall, a Bt4-billion joint venture with The Mall Group on 20 rai (3.2 hectares), and Vana Nava Hua Hin, the first “water jungle” entertainment complex in Asia.
“We see the demand for residential growth, and as a result we decided to develop our first residential project, Park 24. It will be developed by our subsidiary, Proud Residences Co, in which major stakes are held by the Liptapanlop family and our strategic partner Thongchai Busrapan, a former top manager of Noble Development, with registered capital of Bt1 billion,” she said.
Thongchai, Proud Residences Co chief executive officer, said Park 24 would have two phases. The first phase comprises three buildings – one two-storey commercial building and two high-rise residential buildings, with 51 and 29 storeys respectively and a total of 837 units.
The second phase comprises three high-rise residential buildings, with 50, 40 and 30 storeys.
The total value of the project is Bt15 million, and it will cover 12 rai.