Dynasties co-invest in Thong Lor condo
The fourth generation of the Chearavanont and Athakravisunthorn families have coinvested in luxury residence development, starting with a condo project worth 4.8 billion baht in Soi Thong Lor.
Tanyatip Chearavanont, chief executive and co-founder of One.Six Development Corporation Ltd, said the first project will be a 25:75 joint venture with Magnolia Quality Development Corporation Ltd (MQDC).
MQDC is owned by Ms Tanyatip’s aunt, Ms Tipaporn, who is the youngest daughter of Dhanin Chearavanont, senior chairman of Charoen Pokphand Group (CP) and Ms Tanyatip’s grandfather.
“We bought a plot first and developed a conceptual design for the project before discussing the joint venture with MQDC,” said Ms Tanyatip, MQDC’s former project manager.
Chawin Athakravisunthorn, another co-founder who holds a 25% stake in One. Six Development, said the company aims to focus on the development of residential projects in the upscale segment.
“My family has many properties and land banks on Rama IV Road and on Sukhumvit Soi 22,” he said.
“But Ms Tanyatip and I want to develop properties ourselves, even t hough our families have l ong-established businesses.”
One.Six yesterday launched The Strand Thonglor, a luxury condo project worth 4.8 billion baht. The 30-storey tower will be located on a 1.5-rai site on Soi Thong Lor, comprising 198 units sized between 48-184 square metres and priced from 16.5 million baht a unit.
After a soft launch in June 2018, the project had presales of 1.8 billion baht and expects to have 50% sold worth around 2.4 billion baht by the end of the year.
The project will also have 700 sq m of commercial space, said Ms Tanyatip, the only daughter of Mr Soopakij, who is CP’s chairman and the eldest son of Dhanin Chearavanont.
Construction will start in the fourth quarter of 2018, scheduled for completion by the first quarter of 2021.
“One.Six is building the team and the company. We will focus only on residential development for sales and will not need to have a joint venture with MQDC in future projects,” Ms Tanyatip said.