Swire Properties has announced the acquisition of a 40% stake in land on Wireless Road, one of the most sought-after locations in Bangkok, for residential development. The land was purchased from HKR International Limited for approximately 2.4 billion baht. This acquisition marks Swire Properties' first investment in the Bangkok real estate market, with plans to develop the prime land on Wireless Road into a luxury condominium project in collaboration with leading Thai real estate developer City Realty Co., Ltd.

“We are very pleased to begin our business in the residential real estate market in Bangkok, which is considered one of the most promising emerging markets in Southeast Asia. We see potential in developing high-end residential properties that are of exceptional quality. Additionally, the Southeast Asian region is crucial to our investment strategy for residential development, and we will continue to seek new opportunities that allow us to bring our premium residential brand to new markets in the region,” said Mr. Tim Blackburn, CEO of Swire Properties.

“This is a rare opportunity to develop freehold land in the heart of Bangkok, and by working closely with City Realty, a reputable partner with extensive experience in Thailand, we are confident that we will successfully develop a new landmark in Bangkok.” The land parcel spans 12,666 square meters (approximately 3,166 square wah) and is located in a prime area of Bangkok, with the upcoming project offering views of both Lumpini Park and Benjakitti Park. In addition to being directly opposite Lumpini Park, it is also close to leading shopping malls, international schools, five-star hotels, and various embassies.

In 2022, Swire Properties announced a total investment plan of HKD 100 billion in key markets, including Southeast Asia, Hong Kong, and mainland China, to drive the company’s growth over the next decade. Approximately 20% of this investment will be allocated to residential development opportunities in these markets. Besides Bangkok, Swire Properties is also developing several residential projects in major cities across Southeast Asia, including Ho Chi Minh City in Vietnam and Jakarta in Indonesia. In Singapore, the company has developed the EDEN project, an ultra-luxury residential development designed by Thomas Heatherwick from Heatherwick Studio, with all 20 condominium units in the project sold for a total value of SGD 293 million in March 2021.