Asia International School Limited (AISL), the operator of Harrow International Schools, will launch a super-luxury housing project worth 6.5 billion baht next to its school in the Don Mueang area of Bangkok through a joint venture with property developer Koon Estate Co.
Valerie Chiu, a director of AISL Academy and a daughter of its founder, said AISL had a vacant 52-rai land plot next to Harrow International School Bangkok in Don Mueang.
"We have held this plot since the school's establishment in 1998 and were always looking for a partner to co-develop a housing project," she said.
AISL has co-invested with Koon Estate to develop Hyde Park Garden, a super-luxury single detached house project worth 6.5 billion baht on this plot, which will have two phases.
Being launched in the second quarter of this year, phase one will have 61 single detached houses on 25 rai. Each house will be on a land plot sized between 73-166 square wah, and priced between 35-80 million baht a unit.
"We expect to have units at phase one sold out within this year as supply in the location is limited," said Nuttawat Kuvijitsuwan, executive director of Koon Estate.
According to property consultant CBRE Thailand, the sales rate of single detached houses in the luxury segment and above in northern Bangkok was 79% as of the end of the third quarter -- higher than an average sales rate of 67% in other areas.
"We will evaluate demand in phase one before launching phase two because target buyers may want a larger-sized unit," Mr Nuttawat added.
He said 80% of target buyers will be parents of international school students living in Greater Bangkok who are looking for a luxury home close to the school.
The remainder will be those in the provinces who want to send their children to an international school in Bangkok.
"Security is a key concern for parents living in other provinces," Mr Nuttawat said. "They often have no idea where their children will stay when enrolling in international school in Bangkok. Our project will have a direct gate connecting to the school where students can walk."
At present, Harrow International School Bangkok has around 1,700 students. Of this number, 80% are Thai and the remainder are foreigners.
AISL is a leading provider of K-12 co-educational schools in Asia. It is currently operating schools in 10 locations in Asia including Thailand, Hong Kong, China and Japan, with up to 7,000 students.
"Demand from Chinese who want to send their kids to international schools overseas is rising. We will expand to two new locations comprising Ho Chi Minh City in Vietnam and Toronto in Canada in the next few years," said Ms Chiu.
