Kudun and Partners represented Areeya Property Public Company Limited, a leading real estate developer listed on the Stock Exchange of Thailand (SET), on the divestiture of Mega 1 and Mega 2 Projects — an extremely rare transaction involving the “during-construction” residential condominium projects located in Bangkok’s Bang Na area, a rapidly growing suburb near to the Suvarnabhumi International Airport — to Real Asset Development Co., Ltd. at the approximate value of THB 1.1 billion (USD 37 million).
The sale of an unfinished, residential condominium project is extremely rare in the Thai market due to, among others, posing great complexity related to post-closing managements and strong post-closing collaboration required of the parties. Our team, led by Kom Vachiravarakarn was able to put in place a few unique mechanisms which are unprecedented for real estate transactions in Thailand, such that both parties can uninterruptedly and successfully continue the projects in the interests of both sides. This transaction has taken almost 10-11 months from its initiation until the complete closing.
Other members of this team include senior associate, Peerasanti Somritutai, and associates, Dittaporn Munsri, Chavisa Jinanarong, Natwara Svetamal, and Viparat Timprathuang.
