Monday, August 26, 2019

Altitude Development partners Japan’s Creed Group, with Talat Phlu condo their first project

Jun 25. 2019
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By The Nation

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Altitude Development and Japan-based Creed Group have joined forces to develop Altitude Unicorn Sathorn-Tha Phra, a Bt2.4-billion high-rise condominium in Bangkok’s Talat Phlu area.

Talat Phlu is an up-and-coming lifestyle area near the main central business districts of Bangkok, conveniently accessed by the BTS Green Line, and Altitude Unicorn Sathorn-Tha Phra will be connected by a skywalk direct to Talat Phlu BTS Station. 

Condominiums at the project start from Bt2.19 million.

Speaking on Tuesday of the company’s strategic plan, Chayaphon Hunrungroj, CEO of Altitude Development, said: “Our current and future focus is on high-value strategic development sites, in particular those located in the city centre and close to Bangkok’s mass-transit systems. To support our growth, we will partner with leading international property professionals.”

In this regard, Altitude Development has signed a joint-venture agreement with Creed Group, a company with a strong track record of developing real estate in Japan. 

Since 2012, Creed Group has experienced solid growth in Japan and other Asian countries such as Malaysia, Cambodia, Vietnam, Myanmar, Indonesia, Laos and Bangladesh, and its gross development value is over US$800 million (Bt24.6 billion). 

The group is looking to further expand its real-estate investments in Southeast Asia, and Thailand is a priority market, Chayaphon said.

“The partnership between Altitude Development and Creed Group is the beginning of a new joint investment strategy and business expansion for both parties. We will grow together by increasing the values of each of our own property businesses, as well as sustainably growing our revenues and profits,” the CEO added.

Toshihiko Muneyoshi, founder and managing director of Creed Group, said: “We have successfully developed real-estate projects in a number of countries, and Thailand is a strategic market for us to grow our regional presence. 

“We will focus on premium condominiums in upcoming locations, outstanding developments with comprehensive facilities, and Altitude Unicorn Sathorn-Tha Phra fits this perfectly and is our first development, together with Altitude Development, in Thailand.”

The new joint-venture company is Altitude Creed Talat Phlu, in which Altitude Development holds 51 per cent of the stock and Creed Group holds 49 per cent. 

Altitude Unicorn Sathorn-Tha Phra, which is set to be the first and flagship development, will cater to market needs and leverage the city’s expansion along new BTS lines.

Altitude Unicorn Sathorn-Tha Phra is a 34-storey condominium connected to Talat Phlu BTS Station by skywalk. 

Located on 2 rai (0.3 hectare) of land, the development comprises 711 units in four sizes Construction is scheduled to start in the next quarter, with completion expecetd in the third quarter of 2021.

Kwanchai Yingcharoenthawornchai, managing director of Altitude Development, said: “Talat Phlu has become a new business district in Bangkok and Altitude Unicorn Sathron-Tha Phra is the company’s flagship development. It will inspire a new way of living and targets the new generation who prefer to live near CBDs such as Siam, Silom or Sathorn. 

“Altitude Unicorn Sathorn-Tha Phra is located in the heart of this prime area with convenient connections. Linked to the BTS, residents can travel to other parts of the city and be at their workplaces within minutes, and we are also within easy driving distance of areas such as Silom, Sathorn and Siam.”

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