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Pruksa Real Estate Plc, Ariva Hospitality to offer serviced apartments

With an aim to clear unsold units, Pruksa Real Estate Plc has joined with Singaporean serviced apartment operator Ariva Hospitality to offer a rental programme to buyers of its high-end Ivy Thonglor condominium and future units.

According to the Bangkok Post, Prasert Taedullayasatit said under the new programme remaining units will be more attractive for investors.

A number of customers have returned their units at the Ivy Thonglor after facing difficulties with financing. Especially Japanese investors have experienced financial problems due to ecnomic slowdown.

The remaining 70 units are offered at prices between THB130,000 (US$4,327) to THB160,000 (US$5,327) per square meter up from THB110,000 (US$3,662) per square meter at the launch of the project in 2009. A new rental pool programme mnaged by Ariva will be offered to owners who wish to participate.

Prasert said the rental pool programme, which will be offered under 5-year contracts, will help reduce the pressure of market competition and generate good yields for owners.

“Pruksa invited us to bid for the Ivy Thonglor project, ” said Cameron Ong, executive chairman of Ariva Hospitality. ” They see themselves as a developer, but after they develop they want to add a value chain for their investors, and need someone that can lead the value chain”.

The new units at Ivy Thonglor will bring Ariva’s total portfolio in the region to around 5,000 rooms. The rooms are located in countries such as China, Vietnam, the Philippines, Malaysia, Saudi Arabia and New Zealand. China generated the highest yields at 12-13 per cent a year on average due to better room rates.

Source: Property Report

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