Millennium Residence @ Sukhumvit, a THB10 billion (US$317.1 million) complex in Bangkok, has been relaunched by developer Leadon Assets Limited, The Bangkok Post has reported.
The Millennium, comprised of four towers on a 12-rai site on Sukhumvit Soi 20, is a joint venture between a group of Thai, American, and European investors. Kanyarat Krisnathevin, the Managing Director of asset and sales management firm Credence who is representing the investors to the media, said that she couldn’t reveal the names of the investors. She did reveal, however, that a Thai investor holds the majority of the project.
The project was first launched in 2006 by MR Sukhumvit with investment from Singaporean company City Development Limited. MR Sukhumvit still owns towers A and B at the Millennium; Leadon Assets purchased towers C and D in March. Leadon Assets has sold 20% of towers C and D, which are comprised of 150 and 152 units respectively, priced from THB6.7 million (US$212,562) to THB90 million (US$2.85 million).
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Thailand Property market
Some observers are concerned that the global financial crisis may affect the Thai real estate market. Generally, a real estate bubble occurs when property prices rise quickly in a short period, primarily from speculation – resulting in a supply-and-demand imbalance. When property prices are rising faster than the cost of money and banks continue increasing loan-to-value ratios, funding becomes easier – propelling additional speculation.
Thailand is member of the ASEAN (Association of Southeast Asian Nations) trade bloc and has free trade agreements with India and China, two fast-developing economic powerhouses. Consequently, many multinational companies are using the country as a regional base for its operations or a place to station employees who travel around Asia. Foreign investment in Thailand is constantly expanding, supporting the strong economic growth of the country.