Chatchaval Jiaravanon, part of the family that owns conglomerate Charoen Pokphand Group, believes that demand for high-end properties will always be there
A member of Thailand’s richest family is partnering a Hong Kong-based asset manager to invest in luxury real estate in South-east Asia. Chatchaval Jiaravanon, part of the billionaire family that owns conglomerate Charoen Pokphand Group, is leading a group of investors in CMAG Funds, the new investment pool managed by Wonder Capital Group.
Together with Thai real estate agency IFCG, they are targeting high-end properties in the region, with plans to raise as much as US$100 million (S$134 million), according to Gigi Chan, founder and chief executive of Wonder Capital. “We truly believe that the South-east Asian market is one of the most promising opportunities for global investors,” Gigi said in a statement.
CMAG’s first investment will be Cambodia’s tallest building, Mesong. CMAG will be a major shareholder in the 71-storey mixed-use tower, a project of Wonder Capital’s development arm that is expected to be completed by 2025.
Global real estate has taken a hit over the past year, in part due to interest rate hikes, which are keeping office towers empty and new buyers away. But Chatchaval, who also owns Fortune Magazine, sees the new fund as a long-term opportunity in a market he is familiar with.
“Whatever the interest rate is, the demand for high-end property will always be there,” he said in an interview. “The high-end market is not only to provide for the local market, but also international clients, so I am quite bullish on luxury properties in South-east Asia.”
