'Nirvana' has teamed up with 'KE Group', a leading investment and real estate development company, to develop the high-end single-family home project 'Nirvana Beyond Rama 9-Krungthep Kreetha', valued at 2.6 billion baht, aimed at meeting the lifestyle needs of the new generation with high purchasing power, confident that the real estate market is beginning to recover.

Mr. Sorasak Somwattana, CEO of Nirvana Daii Public Company Limited ("NVD"), revealed that the company has signed a joint venture agreement with KE Group ("KE GROUP") to establish a joint venture company 'Nirvana Allied Development' ("NAD"), in which Nirvana Daii holds a 49% stake along with Allied Capital 1 (Thailand) Co., Ltd., a subsidiary of KE Group, which also holds a 49% stake, and Klong Sin Na Na Kit Co., Ltd. holds a 2% stake. This joint venture includes KE-X Co., Ltd. ("KEX"), which is a real estate developer under KE Group, responsible for jointly developing and managing the Nirvana Beyond Rama 9-Krungthep Kreetha project, a high-end single-family home project on a 27-rai plot on the new Krungthep Kreetha Road, with a project value of 2.6 billion baht and a sales target of 485 million baht this year.

“KE Group is considered a highly potential partner with experience in developing various types of high-end real estate projects, from luxury single-family homes like the Crystal Solana and Crystal Park projects to lifestyle community malls such as The Crystal and Crystal Design Center (CDC) on Pradit Manutham Road. We hope that KE Group will bring its experience and expertise to further develop the Nirvana Beyond Rama 9-Krungthep Kreetha project, located in a prime area on the new Krungthep Kreetha Road, to better meet the needs of the new generation with high purchasing power,” Mr. Sorasak stated.

Mr. Adrian Lee, Managing Director of KEX, stated that the company will invest over 200 million baht to jointly develop the Nirvana Beyond Rama 9-Krungthep Kreetha project, marking a strong start with a business partner like Nirvana, a leader in the high-end modern single-family home market in Thailand.

“KEX will work proactively with Nirvana to enhance design development and streamline the home delivery process. We hope that the collaboration between both parties will lead to mutual growth and success in the future,” Mr. Adrian added.

Mr. Kwinter Iamsakulrat, Managing Director of Allied Capital 1 (Thailand) Co., Ltd., stated that we view Krungthep Kreetha as an ideal location for luxury homes, similar to Ekkamai-Ramintra Road, as it is a major road that connects conveniently to the center of Bangkok and provides easy access to various amenities, including international schools, hospitals, and golf courses. The demand for luxury homes continues to grow, resulting in home prices in this area increasing by over 10% annually over the past five years.

Mr. Kwinter further stated that Nirvana is a real estate developer with expertise in the luxury home segment and creates distinctive projects. Therefore, we are confident in joining forces with Nirvana as we (KEX) have expertise in building ultra-luxury communities.

The Nirvana Beyond Rama 9-Krungthep Kreetha project consists of 90 single-family homes located in a prime area on the new Krungthep Kreetha Road, which can connect to various locations through a convenient transportation network. The homes are designed in a unique modern style under the concept of Modern Living Design, focusing on comfortable multi-generational living, incorporating natural elements such as light and airflow into the homes as much as possible, along with various amenities that enhance the quality of life for residents.

Mr. Sorasak emphasized that the overall housing market is beginning to recover from the COVID crisis, driven by genuine demand from domestic purchasing power, especially in the townhome and single-family home markets, which continue to grow due to changing buyer behavior. Buyers are shifting from wanting to live in condominiums to preferring horizontal living spaces, as they can adapt their living areas to accommodate hybrid work styles that require more time at home. Additionally, the amenities within the project must support activities that allow residents to stay within the project area. The home designs developed by Nirvana can meet the lifestyle needs of residents and are located in a prime area that supports future growth.

Currently, Nirvana has 9 projects open for sale, with a total project value of approximately 18 billion baht, and the company aims for total sales this year to increase by 50% to a value of 5.6 billion baht.