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ARCH Capital rounding out business in Bangkok, Phuket

  • 13 September 2017

  • Investments

  • Montazure, Phuket


Hong Kong-based private fund ARCH Capital Management continues expanding in Phuket and Bangkok while exploring investment opportunities in the Philippines, Vietnam and Singapore.

Jonathan Umali, director for asset management, said the fund will expand new phases at MontAzure, a mixed-use luxury residential development project worth 18 billion baht on a 450-rai site on Kamala Beach in Phuket.

The new phases will comprise two or three residential developments on a plot sized 30-50 rai. They will be branded residences managed by a top international hotel chain.

"A successful mixed-use, high-end residential project in a resort destination should have a good vision and bring in brands for its target market of world- class leisure travellers," he said yesterday during a visit to Bangkok.

MontAzure is a joint venture development between ARCH Capital, Thai developer Narai Property Co and Singaporean investor Philean Capital. The first phase was launched in 2015 comprising Twinpalms Residences, with 75 condo units worth 2.2 billion baht, now 60% sold.

In Bangkok, ARCH Capital and its partner Narai Property Co launched two joint venture condominium projects worth a combined 4 billion baht earlier this year.

They are The Parkland Charan-Pinklao with three 22-storey towers and 1,784 units, and The Parkland Phetkasem 56 with three high-rise buildings and a total of 2,047 units.

Mr. Umali, a Filipino, said commercial properties in the Philippines are attractive for investment, driven by strong demand for office space, as the knowledge process outsourcing business booms in the country.

"The Philippines is the back office for many multinational firms, particularly the IT and hospitality sectors," he said.

One of ARCH Capital's subsidiaries, SkyMegaplaza Properties Inc., will acquire six floors covering 19,686 square metres and 196 parking places at the Petron Megaplaza office tower from SET-listed developer Supalai Plc for an estimated 1.9 billion pesos (1.24 billion baht) price tag, said a source.

The deal was approved in May by the Philippine Competition Commission, an independent quasi-judicial body created to promote and maintain market competition by regulating anti-competitive conduct.

Founded in 2007, ARCH Capital has invested a total of US$1 billion (33.1 billion baht) to date. About half of that sum was injected into key Chinese cities in residential and commercial properties, including office and retail space.

The rest was invested throughout Asia.