Prima Asset Management, the Singapore based investment firm, has acquired a freehold commercial property in Bangkok, Thailand. With a gross development value of THB1.25 billion ($48.33 million), the property is composed of approximately 250,000 sq ft of showroom, office, service and delivery space. Its strategic location at No. 7 and 7/1 Ramkhamheang Road in Saphansung Subdistrict, and leasing to Tesla Motors makes this asset an attractive investment opportunity.

The VCC Investment Fund, managed by First Degree Global Asset Management, facilitated the acquisition of the property. Capital Solution Asia, a Bangkok based company, was engaged as an advisor regarding local real estate due diligence and transaction management. Prima also received encouragement from its investor base of family offices and high net-worth individuals for pursuing a ‘pipeline of similar deals’.

Ben Hall, Prima CEO, noted, “The strategic acquisition of this prime property not only signifies our focus on the burgeoning South East Asian real estate market but also positions us on the frontline of the growing EV market.”

To meet the operational requirements of Tesla Motors and enhance the property’s long-term value, Prima plans to refurbish the Bangkok asset. Other investors that supported this deal include a consortium of institutional investors, family offices, and high-net-worth individuals like Baksh Capital, Fraxtor and Thakral Corp.

As a result of such robust partnerships, Prima is gearing up to acquire an additional $100 – $250 million of real estate assets over the next three years. The firm cites macroeconomic challenges such as inflation, debt pricing and construction cost as reasons for pursuit of value-add deals.

In this case it falls under the estimated price of $430 to $460 psf per plot ratio.

Located near the industrial hub of Bukit Batok and the area’s upcoming Downtown Line extension, Altura EC Qingjian Realty is an ideal residential option for modern home seekers. The proximity to educational institutions like Millennium Institute and Bukit View Secondary School will greatly benefit residents. Other nearby amenities include shopping and recreation centers, public transport, and lush outdoor spaces.

Given the success of this acquisition, Prima is in a strong position to move forward and capitalize on similar market opportunities.

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