TCC Capital Land's The Empire Place Condominium

Looking back at TCC Capital Land’s successful foray into Bangkok’s high end condominium scene. Here is an old article on one of their first few launches…

CapitaLand’s Thai JV launches The Empire Place, a luxurious condominium in Bangkok’s CBD

Over 25% sold during pre-launch sales

Singapore, 8 December 2005 – TCC Capital Land, CapitaLand’s joint venture in Thailand with TCC Land, is launching today its third condominium project, The Empire Place, at an average price of Baht 95,000 per square metre. Located in Bangkok’s central business district, The Empire Place at Narathiwad Rachanakarin Soi 4 is a five-minute walk to the Chong Nonsi BTS skytrain station, which runs along Silom Road leading to the main shopping areas in central Bangkok. Pre-launch sales have been brisk. Over 25 percent or 70 units out of the 275 units launched, have already been sold.

TCC Capital Land had in September 2005 acquired the Narathiwad site and another prime residential site at Sukhumvit in Bangkok for a total of Baht 1.33 billion (S$55 million) from private land owners. The Empire Place is a 45-storey tower with 440 apartments, sitting on a freehold site of 8,712 square metres. The development is close to amenities including the sky train, offices, international schools, hospitals, hypermarkets and shopping centres.

Mr Chen Lian Pang, CEO of TCC Capital Land, said: “Our first two condominium projects have done very well, as they are high quality properties. Both Athenee Residence and Villa Rachkru are fully sold. We continue to see encouraging home sales in Bangkok, and are confident that the buying momentum will be supported by pent up demand for housing and strong economic fundamentals. The Empire Place will be a new landmark in Bangkok’s skyline, with its elegant blend of Art-Deco and Neo-Gothic design, which is attractive to young urbanites.”

The development offers 1-bedroom to 3-bedroom units, as well as penthouses with private swimming pools and double volume ceilings. Amenities available include a large pool with a stylish island connected to a shallow pool for children and an outdoor jacuzzi with surrounding lush gardens. Other features include huge outdoor and indoor function areas, a fully equipped exercise room, and tennis courts on the clubhouse sky deck. Target customers are young professionals and families who choose to live within the city to have a shorter travel time to work, and to enjoy a vibrant urban lifestyle.

TCC Capital Land, a joint venture between CapitaLand (40%) and TCC Land (60%), is a leading real estate developer in Thailand. Todate, the company has five residential development projects with a total project development estimate (PDE) of Baht 17 billion (S$697 million). In addition, it has 15 fee-based project management contracts for properties owned by TCC Land comprising office towers, retail complexes and hotels/resorts with PDE of Baht 18 billion (S$738 million). In total, the 20 on-going projects are worth Baht 35 billion (S$1.44 billion).

The company’s first residential project, the 219-unit Athenee Residence, located at the prestigious address of Wireless Road along Bangkok’s embassy row, was launched in December 2004. It is fully sold at over Baht 110,500 (S$4,531) per square metre. The second condominium project, Villa Rachakru, located on Phaholyothin Soi 5, was launched in February 2005. The 70-unit low-rise development is also fully sold at over Baht 62,000 (S$2,542) per square metre. Plans are underway to launch two more projects, Royal Residences at Soi Mayalab and its Sukhumvit project, by early next year.

About TCC Land Limited

TCC Land is the property arm of the TCC Group of companies, one of Thailand’s largest business conglomerates. It has a large real estate portfolio of residential landbank and commercial properties and also owns hospitality, conventions and leisure-related properties in Thailand. TCC Group’s portfolio of properties includes prime developments like North Park with prestigious Rajpruek Golf and Sports Club; Empire Tower which is the single largest commercial building in Thailand; and Pantip Plaza, the highly successful IT mall in Bangkok. The Group also owns 18 hotels under the Imperial Hotel chain, and the Plaza Athenee Hotels in New York and Bangkok.

About CapitaLand Group (www.capitaland.com)

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality and real estate financial services are focused in gateway cities in Asia, Australia, Europe and the Gulf region. The company's property and hospitality portfolio spans more than 70 cities in 17 countries. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region. The listed subsidiaries and associates of CapitaLand include Raffles Holdings, The Ascott Group, CapitaMall Trust, CapitaCommercial Trust and Australand, which is listed both in Singapore and Australia.

CapitaLand’s listed serviced residence arm, The Ascott Group (“Ascott”), is currently the largest international serviced residence operator in Bangkok with six properties comprising over 1,300 units under The Ascott and Somerset brands. Recently, Ascott formed a JV company with Prab Thakral and family to launch five Citadines serviced residences in Bangkok. Ascott’s first Citadines property in Thailand, the 79-unit Citadines Sukhumvit 16, is targeted to be opened in the second half of 2006.