Keppel Land on Thursday said it entered into a joint venture agreement with reputable Thai property developer, KPN Land to buy two prime sites in Bangkok's central business district (CBD) for about 2.2 billion Thai baht (about S$90 million).
Keppel Land will hold a 49 percent stake in the condominium projects, with KPN Land holding the remaining stake, the company said in a statement.
Keppel Land's share for the total development cost for both projects is estimated to be about S$114 million, it said.
"We continue to seek opportunities in the Bangkok real estate market and are confident of the potential of Thailand's property market, especially in Bangkok, which is benefitting from increasing urbanisation, a growing middle class as well as improving infrastructure, all of which support the demand for quality lifestyle projects with strong attributes and value offerings located in Bangkok's CBD," Chief Executive Ang Wee Gee said in a statement.
The two developments will offer luxury apartments in one- and two-bedroom configurations and will be joinly developed by the two partners.
Construction for both developments is expected to commence around the third quarter of 2018.