Keppel Land, through its two wholly-owned subsidiaries Valicour and Topalle, have entered into a conditional joint venture (JV) agreement with Thai-based developer KPN Land Co. to acquire two prime sites in Bangkok’s CBD, from KPN Land and other existing landowners, for THB 2.2 billion ($90 million).

The partners plan to develop two premium freehold condominium projects on the sites. Keppel Land will hold a 49% stake in the projects, with KPN Land holding the remainder. They will jointly manage both developments. Keppel Land’s share of the total development cost for the projects is about THB 2.8 billion.

The first project is on a 17,222 sq ft site in a residential enclave on Sukhumvit soi 19, close to the Asoke commercial area. It will have 140 units in a 24-storey tower, and a net saleable area of about 86,111 sq ft. It is close to the Terminal 21 shopping mall and office developments Exchange Tower and Interchange Tower.

The second project is in a residential district on Sukhumvit soi 28, close to the EmQuartier and Emporium shopping malls. The 34,445 sq ft site will be developed into a 30-storey, 265-unit condo. with a net saleable area of about 172,223 sq ft.

Both developments will feature luxury one- and two-bedroom units, and are 400m to stations on the Bangkok Mass Transit System and Mass Rapid Transit. Construction is expected to commence in 3Q2018.

Ang Wee Gee, CEO of Keppel Land, expressed confidence in the Bangkok real estate market, saying that increasing urbanisation, a growing middle class, and improving infrastructure are supporting the demand for quality lifestyle projects in Bangkok’s CBD.