Luxury residential development - condominium and serviced apartments to be developed within same project
The Thai Contractors Asset Co., Ltd. (TCA) will develop a prestigious luxury condominium and serviced apartment project “The Oriental Residence” on a 2-rai of land on the Wireless Road.
TCA was set up by the members of the Thai Contractors Association under the Royal Patronage of H.M. the King to develop the residential project on the land that used to house the office of the Thai Contractors Association.
According to Mr. Polpat Karnasuta, President of the Thai Contractors Association, the association was established on 12 December 1928 with its office situated on a 2 rai of land on the Wireless Road under a 30 year lease agreement with the Crown Property Bureau. The agreement eventually expired in 2007. With the objective of maintaining the office at the same location, the association members consulted with the Crown Property Bureau in order to find ways to maximize the land value and bring in substantial benefits to the Bureau.
Considering the prime and easy to commute location on the Wireless Road surrounded by a number of prime office buildings, two embassies and with shady ambience in the vicinity, the value of the land is at the top. Prompted by its location advantage, the association members proposed to develop a residential project on the land which should bring in the best returns for investment. With the consent of the Crown Property Bureau, TCA was set up to develop and manage the project.
As per the advice of the Bureau to ensure long-term credibility for TCA, the association members invited the Italthai group, which has over 50 years of experience in the construction industry and management of big construction projects, to be the major shareholder of TCA. With Italthai leading the TCA management team, the members are confident that the project would achieve its set goals.
“Apart from Italthai group that holds 80% of the shares, TCA’s other shareholders comprise a group of the association members holding the remaining 20%. TCA management team includes Mr. Worachit L. Chalermchaichana, General Manager, who has experience in many Italthai group development projects.” Mr. Polpat said.
Ms. Valaithip Charanachitta, Managing Director and Owner’s Representative of TCA said “By virtue of its outstanding location, the high-end residential project will maximize the land value besides bringing long-term returns to its stakeholders - the Thai Contractors Association, the Crown Property Bureau and TCA.”
“The project is unique and one of the very few developments in Bangkok that combine residential condominium and serviced apartment concepts. The ground breaking has been done and we expect the construction to be completed and ready for transfer by early 2011. We plan to have the official launch of the project in the first quarter of this year”, concluded Ms. Valaithip.