Dalvey earmarks B1bn a year for Thailand

Construction News

Singapore-based Dalvey Development plans to invest more in the Thai condominium market with a 1-billion-baht annual budget for new projects.

The company is shrugging off political uncertainties, noting that Thailand is a very attractive market with high growth potential. Moreover, property prices remain low when compared to neighbouring countries, said business development manager Noel Goh.

Dalvey has invested in the Thai property market for six years. It has a goal to invest in one project every two years. The company is keen to diversify its investment throughout Asia, with the next destinations Malaysia and China.

“The short-term focus is to invest in the Thai condominium market,” Mr Goh said.

He explained that Dalvey would use its Haus brand for its new condominiums. It has developed three condominiums in the past six years.

The company recently launched the Haus 23 Ratchada-Lat Phrao condominium with 236 units. The 900-million-baht project has recorded 30% sales so far. Prices start from 2 million baht a unit. It expects sales will reach 80% by the end of this year. The developer is now seeking a construction permit and approval of its environmental impact assessment report.

Mr Goh said Dalvey was also looking for opportunities to invest in hotels and serviced apartments in both Bangkok and major provinces. The investments could be made through acquisitions.

“If we can find good deals, we are willing to allocate another budget up to 1 billion baht for acquisitions,” he said.

These investments would be for the long term, so post-election violence would not deter Dalvey, he added.

Source: http://www.bangkokpost.com/business/economics/244695/dalvey-earmarks-b1bn-a-year-for-thailand

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