KPN Land has entered into a business partnership with Singapore firm Keppel Land, one of Asia’s leading property companies, to develop luxury condos in Bangkok’s central business district with a project value of more than Bt7 billion.

KPN holds a 51percent stake in a joint venture firm, the KPNKeppel Alliance, with Keppel holding the rest, the company’s chief executive officer Rawee Tahtniyom said.

“Together with Keppel Land, we are committed to developing luxury condominiums situated in the CBD to meet the lifestyle needs of today’s customers. The first project will launch next year and will be worth Bt7 billion,” he said.

Keppel Land’s chief executive officer, Ang Wee Gee, said that Thailand’s increasing urbanization, growing middle class, and infrastructure improvements would support the demand for quality lifestyle projects with strong attributes and value offerings. This is the reason that the company had expanded its investment in Thailand.