Thursday, April 02, 2020

Centro Condo Bangsaen promises to fill condo supply gap in East

Jan 16. 2020
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By THE NATION

Venture Global Holding, a joint venture between Singapore-based ABN and a veteran Thai property company, has latched onto the rising investment opportunities in Bang Saen in Chonburi and the Eastern Economic Corridor (EEC) with the launch of its first project, the Centro Condo Bangsaen.

The Bt550-million low-rise condominium will feature 304 units close to the Laem Thong Department Store and Burapha University.

Austin Tan, chief project officer at Venture, noted that the Thai economy has grown fast and steadily for the past four decades, with the government’s support for infrastructure development assuring strong future growth potential.

“Seeing strong investment potential outside Singapore, especially in Thailand’s tourist destinations and big cities, ABN was convinced that investment in the Thai property market would be successful,” he said. “That’s when Venture Global Holding was established. 

“The Centro Condo Bangsaen is our first initiative in Thailand and will lead to many more exciting projects in the future. We want to see healthy economic growth both in Thailand and Singapore.”

Ray Heng, Venture’s chief finance officer, expressed confidence in Bang Saen’s investment potential.

Given its proximity to Bangkok and Pattaya and its location within the EEC, which is expected to attract US$45 billion worth of investments, the beach town offers enormous investment and employment potential.

“The government’s huge investment in transport and logistics will make it very convenient to travel between Bangkok and Chonburi, especially by high-speed train. Seeing the window of opportunity open wide, we were not hesitant to make an investment here.”

Chief executive Pheerapol Rangsimanurak said Bang Saen will not only be a tourist destination but also an economic hub for the country.

By 2024, the high-speed train linking three airports will be open, which will further boost investment and tourism. Burapha University, the No 1 university in the East, adds greater potential to the region as more and more foreigners enrol, especially from China.

Venture determined that land prices in the area rose by 30-50 per cent in recent years and there is high demand for good residential units. More people are moving there, but supply has remained unchanged.

Return on investment in the Centro Condo Bangsaen is 5-8 per cent.

“It’s one of the first condominium projects developed in 2-3 years,” said Pheerapol. “Our management team has vast experience in the local property market. With financial support from our Singaporean partner, we are financially healthy and have the full capability to meet specific needs of locals and investors.”

Chief operating officer Jakkaphan Bamphenkiatkul said the project combines modern design with nature.

The two eight-storey buildings, covering two rai 82.4 square wa, are in the city centre, next to Park in Market, and only 200 metres from Laem Thong, 400m from Burapha University and 1.5km from Bang Saen Beach. 

There will be more common areas for residents and an overflow swimming pool and fitness centre with great views.

Energy saving and heat dispersal will also be part of the design, as will safety excellence – based on the “Triple Security” concept encompassing a front security booth, building entrance and unit entrance with a digital locking system.

All units will be fully furnished. Prices start at Bt1.49 million for 28sqm (about Bt50,000 per sqm). A pre-sale of 99 units for VIPs is scheduled for January 23-19 at Central Chonburi.

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