Pacific Star Group maintains optimistic view
Pacific Star Group, one of Asia's leading real estate investment houses, remains optimistic on the long term outlook of the Thai property market and is focused on potential acquisitions across residential, commercial and hospitality sectors.
For Bt2.37 billion, the group has sold Eight Thonglor, Grade A mixed used development comprising the Pan Pacific Serviced Suites and Eight Thonglor Retail, to the UOB Freehold Eight Thonglor fund, managed by UOB Asset Management. The fund started trading on the Stock Exchange on Monday.
“Despite the political uncertainty of the last few years, our view is that the Bangkok property market continues to offer attractive opportunities,” said Pritpal Singh, Country Manager, Pacific Star Thailand. “As the political situation stabilises and flood rebuilding efforts gather pace, we have seen recent tourist arrival numbers perk up. Despite the recent challenges, Thailand is domestically resilient and will continue to attract and grow its tourist arrivals due to its natural proposition as a tourist destination. This will translate into growth opportunities for developments within the tourism and hospitality sector.”
With the sale of Eight Thonglor, the other remaining property that Pacific Star manages in Thailand is Sathorn Gardens, a luxurious condominium located in the heart of the Bangkok Central Business District, which is fully sold out. Other prime residential properties that Pacific Star had invested and co-developed in Bangkok were Rhythm Ratchada and Address Sathorn.
Pacific Star manages prime office, residential and retail space across Asia. The properties managed by the Group include TripleOne Somerset in Singapore, Pavilion Residences in Kuala Lumpur, and Noon Square in Seoul.
The Singapore-headquartered Group has advised and managed real estate deals worth more than US$6 billion since its inception in 2001. The Group had made several notable investments including Shui On Land in China which owns the renowned Xintiandi in Shanghai; the iconic Pavilion in Kuala Lumpur; Wisma Atria, Ngee Ann City and Capital Square in Singapore; as well as the acquisition and divestment of a 50% interest in Eureka Office Fund which had Singapore commercial properties Temasek Tower, The Adelphi and One George Street in its portfolio.
