Site Description Ratchada Road, one metre from Ratchada MRT station Rhythm Ratchada is next to the Ratchada MRT station right in the heart of Bangkok’s urban living, close to many office blocks, retail malls and the Chinese and South Korean embassies. The area is an upcoming residential district where plans are also afoot for a new station to link to the Suvarnabhumi International Airport and the proposed new site for the Thailand Stock Exchange.
Project Description
The twin towers of 37 and 32 floors offer a total of 881 units of contemporary high-rise residential condominiums with a full suite of facilities including a swimming pool and fitness centres in landscaped greenery. Construction started in 2008 and was completed in Q1 2011. All the apartments were built and delivered to buyers on a fully fitted and furnished basis.
Investment Strategy
Asia Real Estate Prime Development Fund (AREPDF) a close-end development fund managed by Pacific Star made its maiden investment through a 49% / 51% joint venture with Thai-listed Asian Property Development Co. Limited (APD) in December 2007 to develop this prime freehold residential site in downtown Bangkok. APD is one of the largest residential property developers in Bangkok.
Divestment Strategy
Pacific Star sold the 49% stake in Rhythm Ratchada for AREPDF in October 2010, achieving a double-digit IRR and Equity Return Multiple of 1.4 for AREPDF.
The Address Sathorn
Location Bangkok
Site Description Sathorn Soi 12 The Address Sathorn is located in the heart of the Bangkok Central Business District (CBD) close to Grade A office buildings and foreign embassies. It is also a 15 minutes walk from two metro underground stations.
Project Description
The residential condominium tower of 40 storeys comprising 562 fully fitted and furnished condominiums commenced construction in 2009 and is expected to be completed by end 2011. This prime project shall have a sky deck on the 40th floor comprising a swimming pool, jacuzzi, function room and sauna rooms. In addition, there will be swimming pools, meeting rooms, lounge and BBQ pit on the ground floor of this luxury project.
Investment Strategy
Asia Real Estate Prime Development Fund (AREPDF) a close-end development fund managed by Pacific Star made its maiden investment through a 49% / 51% joint venture with Thai-listed Asian Property Development Co. Limited (APD) in December 2007 to develop this prime freehold residential site situated in the heart of the Bangkok CBD. APD is one of the largest residential property developers in Bangkok.
Divestment Strategy
Pacific Star sold the 49% stake in The Address Sathorn for AREPDF in October 2010, achieving a double-digit IRR and Equity Return Multiple of 1.4 for AREPDF.
Malaysia
Panorama
Location Kuala Lumpur
Site Description Jalan Ampang
The prime freehold site is located less than 5 minutes walk from the world renowned Petronas Twin Tower and Kuala Lumpur City Centre complex.
Project Description
Panorama is developed by Promatik Emas Sdn Bhd, a joint-venture company between UOL Group Limited and General Corporation Berhad. Panorama is a prime upscale 33-storey twin tower apartment development and it comprises 223 apartments in two 33 storey tower blocks that are strategically located off Jalan Ampang within the KLCC vicinity. Each apartment enjoys unobstructed panoramic views overlooking the KL city, Petronas Tower and beyond. The full-facility apartment comes complete with an environmental deck on the 7th storey that provides a large 37m length infinity swimming pool, rainforest saunas, high tech gymnasium, children’s playground, BBQ pit etc. The apartment building is expected to be ready for occupation in Q2 2011.
Investment Strategy
In June 2008, Asia Real Estate Prime Development Fund (AREPDF) via Pacific Star made its second acquisition for 112 apartments or 50% of the total apartments in Panorama by buying these apartments from Promatik Emas. Pacific Star is in the process of re-selling these prime apartments to discerning owner-occupiers and investors who appreciate the value of staying and investing in Panorama whose strategic location within the vicinity of KLCC shall ensure the capital value of these apartments shall be enhanced in the forthcoming years.
