Noon Capital, Acre launch first project in Thailand

18/12/2018

NOON Capital, a South-east Asia-based property developer and manager, on Monday announced a partnership with private real estate investment firm Asia Capital Real Estate (Acre).

The two companies launched the first US$25 million project of a Thailand-focused real estate fund, which is targeted to grow up to US$150 million across at least six multi-family development projects.

In a news release on Monday, Noon Capital said the decision to focus on Thailand was due to the country's "increasing demand for mid and long-term rental residences".

The statement noted that wages in Thailand are growing at 5.5 per cent a year, with tourism expanding 10 per cent.

The first project will be in Phuket, followed by further expansion in cities such as Pattaya, Chiang Mai and Bangkok. The Phuket residence will include features such as a rooftop infinity pool and the units will be priced at "very accessible rates" to local residents, said Noon Capital.

"A project of this magnitude reaffirms our property development capabilities, and we are thrilled to have Acre on board with us," said Luca Dotti, the managing partner of Noon Capital. "We have received an extremely positive response from prominent institutional investors since the launch of the fund, and we are aiming to close its next phase within the next six to 12 months."

Blake Olafson, the managing partner of Acre, said the company has an "optimistic outlook" towards Thailand's rental market. Recently, Acre invested over US$750 million through three funds, with the first fund being fully divested.

Separately, Noon Capital also said it has started to pilot blockchain on its existing revenue-generating and development phase projects that are both for rent and for sale.

Due to the dual source of cashflows, these properties are part of a portfolio to be listed on blockchain and can be liquidated in a relatively short time frame, the company said.

Adapted from The Business Times

CONTACT US

Fill in the form below and you will be contacted ASAP

*denotes compulsory fields and acceptance of privacy policy

By submitting this form, I agree to give consent and be contacted (via Call/SMS/Whatsapp/Email) in accordance with DNC and PDPA regulations.