The prominent Malaysian real estate investment group, Paramount Corporation Berhad, has joined forces to invest in a Thai real estate project by acquiring a 49% stake in Na Warang Charoen Nakhon Co., Ltd., the owner of the 'Na Riva' project on Charoen Nakhon Road. This premium high-rise residential project is valued at 1.3 billion baht and is set to launch within February of this year.

The development of the Na Riva project is managed by Na Warang Charoen Nakhon Co., Ltd., a joint venture where Na Warang Asset Co., Ltd. holds a 51% stake and Paramount Corporation Berhad holds 49%. On February 5, 2020, an official ceremony was held to celebrate the collaboration in the Na Riva Charoen Nakhon project, attended by Mr. Apiphu Phromyothi, CEO of Na Warang Asset Co., Ltd., and Mr. Jeffrey Chew, CEO of Paramount Corporation Berhad. They indicated that this deal is a significant indication of both parties' confidence in the growth potential of the Thai real estate market, particularly in the premium to high-end residential sector.

Mr. Apiphu Phromyothi, CEO of Na Warang Asset Co., Ltd. stated that the development plan for the Na Riva Charoen Nakhon premium high-rise residential project is one he is confident can attract both domestic and international buyers. This confidence stems from several supporting factors, such as its prime location in a newly developing residential area expanding from Bangkok's CBD and its proximity to the Chao Phraya River, which allows for the design of residential units with stunning river views. Additionally, the area is undergoing development of transportation systems and various amenities, making access to business districts quick and convenient, while land prices in this new area remain significantly lower than in prime business areas, which he believes will attract foreign buyers.

“We are even more confident now that the Paramount Group from Malaysia has proposed to invest in the Na Riva project, acquiring shares in accordance with legal regulations, along with key agreements regarding investment funds, marketing support, and roadshows for the Na Riva project in international markets,” Mr. Apiphu said.

“We expect the Na Riva project to attract both Thai citizens and foreign buyers as it marks the first launch in a special location on Charoen Nakhon Road, offering beautiful views of the Chao Phraya River. Charoen Nakhon is a new residential area adjacent to the central business district of Bangkok, as evidenced by other projects in the vicinity that have quickly sold out shortly after their launch. Therefore, the Na Riva project is an attractive option for Malaysians looking to invest in overseas real estate, as condominiums in Bangkok continue to provide good returns,” Mr. Jeffrey Chew stated.