SUMITOMO FORESTRY
High-end condominium at the heart of Sukhumvit road
Property Perfect Plc. (PF) and Grande Asset Hotels and Property Plc. (GRAND) unveil the joint
venture with "Sumitomo Forestry Co.,Ltd.", Japan’s leading timber and home building firm,
to develop property projects in Thailand starting with the Bt4,514 million super-luxury condominium.
1 October 2017 : The milestone joint venture contract was signed recently at the Royal Thai Embassy in Tokyo, to mark the Thai and Japanese property development companies’ cooperation, by Property Perfect Chief Executive Officer Mr.Chainid Adhayanaskul, Grande Asset Hotels and Property Director and Executive Director Mr.Vitavas Vibhagool and Mr.Akira Ichikawa, President, Sumitomo Forestry Co., Ltd., Mr. Tatsuo Iwagaki Managing Director, Sumitomo Forestry (Singapore) Ltd. Witnessing the signing ceremony was Ambassador of Thailand Mr.Bansarn Bunnag and Mr.Bhichai Rattakul.
Under the agreement, a joint venture has been set up, 40% owned by Grande Asset, 11% by Property Perfect and 49% by Sumitomo Forestry (Singapore) Ltd.
which is a wholly-owned subsidiary of Sumitomo Forestry. It will develop the Bt4,514 million 38-floor luxury condominium which will come with approximately 400 units. The 2.5-rai land plot is situated on Sukhumvit Road between BTS Thonglor Station and BTS Ekamai Station. The location is 350 metres from BTS Thonglor Station. The project launch and construction is scheduled to start in 2018 for completion in 2020.
