Ocean Villas Group

Singapore Property Developer to Invest Billions in Thailand Condominiums

Dalvey Developments, the Thai developer owned by Singapore based Heeton Holdings, has announced plans to invest one billion baht into the construction of conodminiums in Thailand over the next year.


Bangkok, Thailand -- (SBWIRE) -- 07/14/2011 -- Singapore based property developer, Dalvey Developments Limited, has announced plans to invest one billion baht (US$33 million) into building condominiums in Thailand over the next twelve months. Going forward, the company intends to develop a new real estate project in Thailand every two years.

Over the past six years the Singaporean property developer has completed three condominium projects in Bangkok; Haus 23 Ratchada-Lat Phrao, a two hundred and thirty six apartment project in Lat Phrao costing 900 million baht; DLV Thonglor 20, a low rise project with seventy nine units in Thonglor district; and Click Condo, another low rise condominium with seventy nine units in the Sukhumvit area of the Thai capital.

“The company is shrugging off political uncertainties, noting that Thailand is a very attractive market with high growth potential. Moreover, property prices remain low when compared to neighbouring countries,” commented Dalvey’s business development manager, Noel Goh.

The property developer is also looking to diversify into hotel and management services in Bangkok and other provinces of Thailand.

However, according to Noel Goh, the short term focus for Dalvey Developments is the condominium market in Thailand: “If we can find good deals, we are willing to allocate another budget up to one billion baht for acquisitions. These investments would be for the long term,” he continued.

The company is also looking to invest in other countries throughout Asia, with Malaysia and China already being earmarked as locations for future real estate projects.

Dalvey was founded in 2004 and is owned by Heeton Holdings, a Singapore based public listed company.

Heeton Holdings was established in 1976. Since then it has developed retail outlets as well as small to medium size property projects throughout Singapore.

The company is also one of the largest private operators of wet markets in Singapore. It collectively manages over two hundred market stalls in Tampines, Bukit Batok, Choa Chu Kang, Serangoon and Fajar.

Rebecca Smith