A pair of developers in the housing sector recently announced plans for a joint venture project in Bangkok. Nirvana Daii and KE Group are teaming up on a luxury estate that will use land as well as branding held by the former firm.
Nirvana Beyond Rama 9 – Krungthep Kritha is valued at THB2.6 billion and will be located on New Krungthep Kritha Road in suburban Bangkok. It will host a total of 90 single-detached houses focusing on high-end buyers.
The joint venture arrangement allows Nirvana Daii to tap into KE Group’s knowledge of the luxury market. Crystal Solana, Crystal Ville and Grand Crystal are a few of the upscale housing developments it has completed over the years.
“KE Group developed several ultra-luxury residential projects in the Kaset-Nawamin area and community malls like Crystal Design Center. Those experiences can help NVD tap the high-priced segment.” Khun Sornsak Somwattana, Nirvana Daii Chief Executive Officer, told the Bangkok Post.
Related: Developers expect home prices in Thailand to rise this year
Nirvana Daii moves on post Singha Estate
After being acquired by developer Singha Estate in a 2015 share swap as part of its initial expansion push, Nirvana Daii was sold off last year. The 51 percent stake was purchased by Khun Sornsak and Khun Wattana Somwattana.
Singha Estate wanted to make greater inroads into the housing sector with new project launches under its own brand which would have created a conflict of interest. Meanwhile, the deal freed Nirvana Daii to move forward with plans to utilize its landbank.
Nirvana Daii focused on stabilizing its balance sheet last year. Like many firms, it was hit by the COVID-19 pandemic which caused pre-sales to decline. However, the homebuilder is set to launch as many as six new developments in 2022 and is expecting pre-sales to increase by 50 percent this year.
