Housing venture shifts focus from buyers to renters
HOMA, a rental housing venture between Asia Capital Real Estate (ACRE) and NOON Capital (NOON), is putting together a portfolio of rental properties and co-living spaces that combine residential and hospitality features across Thailand’s key economic centres.
The first two projects are based in prime Phuket locations.
HOMA Phuket Town, scheduled to open in the third quarter of next year, is a 505-unit rental housing property in Phuket Town, which is within walking distance of Bangkok Hospital Phuket, Vachira Hospital and Rajabhat University.
HOMA Cherngtalay, scheduled to open in the third quarter of 2022, is a 422-unit property located near Bang Tao Beach and is within walking distance of Boat Avenue, Porto de Phuket and Laguna Phuket Resort.
Luca Dotti, co-founder of HOMA, said: “HOMA provides a place like home with hotel services that provide privacy when you need it and community when you want it. Co-living in Thailand meets the needs of an emerging generation and older professionals who are increasingly working remotely. What sets us apart is that we also cater to families.
“We are committed to Thailand and Asia Pacific for the long term. This reflects our confidence in the country and its ability to bounce back as the Thai economic recovery continues gaining momentum.”
Blake Olafson, founder and managing partner of ACRE and co-founder of HOMA, added: “After investing in more than 20,000 apartments in the United States over the past eight years, we are also seeing a trend developing in Southeast Asia that is making rental property more appealing to young professionals and young families.”
The company is pioneering long-term Thai residential rental market by shifting the focus from buyer to tenant. In the next five years, ACRE and NOON aim to invest more than US$250 million (Bt7.9 billion) in the development of six HOMA projects across Thailand, and plan to later introduce the brand to other major markets across the Asia-Pacific region.