Mr. Boon Choon Kiat, Managing Director of CHEWATHAI PLC. (CHEWA) announced that the company has partnered with Mr. Kajit Luanpitpong (Condo Man) to establish the company, CHEWA Heart Co., Ltd., under the concept of "Construct your life with our heart" with the purpose to conduct a business in townhome development and target high-end customers; thereby, covering all segments and strengthening the existing businesses of the company. Meanwhile, the Condo Man will support the business in terms of sales and marketing, while CHEWA will be responsible for management, construction, and provision of investment funds. The first project that will be operated is "Heart Sukhumvit", with a project value of 160 million Baht. It is located on Sukhumvit Road, near BTS station, and comprises of 8 units of 3.5-storey townhome, starting at 16 million Baht, which is expected to be completed in August 2018.
Mr. Boon Choon Kiat further stated that "this partnership is considered as a new phenomenon to the real estate industry, since Mr. Kajit (Condo Man) is renowned for providing information relating to real estate projects, particularly condominium. He has an interest in investing in townhome projects as a means of investment, while CHEWA is interested in developing its products into horizontal properties, specifically townhomes. As such, both parties can integrate their competencies in developing related projects and increase the business synergy. Most importantly, it will enable the company to have products that cover all segments, which correspond to the needs of consumer.
"CHEWA Heart Co., Ltd. has a registered capital of 10,000,000 million Baht, comprising of 100,000 ordinary shares at a par value of 100 Baht. CHEWA holds 70% of the share, while Mr. Kajit Luanpitpong holds the remaining 30% of the shares. The sources of funds will come from the financial intuitions and the company's working capital," Mr. Boon Choon Kiat concluded.
Mr. Kajit Luanpitpong (Condo Man) asserted that this business partnership with CHEWA is considerably promising and delightful because it is the collaboration between individuals with expertise and experience in real estate, with the purpose to deliver the best residence to consumers, while thriving in this highly competitive industry that requires extensive development to cover all of the market segments.
"CHEWA is considered as an important business partner and this partnership is crucial for both parties in collaboratively expanding the business to the fullest potential in the future. It is a promising initiative to promote and raise public interest in the real estate industry. I have gained trust from CHEWA to be responsible for product development, marketing, and sales. Meanwhile, CHEWA will take care of management, construction, and provision of investment funds. Although I have engaged in various real estate businesses, I have limited experience in sales. Therefore, the collaboration with a public limited company like CHEWA will undoubtedly and perfectlyreinforce the strengths of our business in terms of experience, capital, and reliability, which consequently enhances the potential in future investment and serves as a solid foundation for the development of future projects. We are committed to creating "CHEWA Heart" as another alternative for the consumers. We will take care of our valued customers with no negligence. In addition, we plan to open at least five projects within five years; and apart from typical townhomes, we also aim at developing a city townhome in a condominium location," Mr. Kajit stated.
Mr. Kajit Luanpitpong (Condo Man) is regarded as an individual with experience in developing real estate for rental purposes, including apartment, warehouse, home office, shop house, and billboard. He has engaged in real estate development since 2007, when his portfolio has grown steadily with respect to time. After that, he began to invest in stocks and condominium, and eventually became renowned for his blog under the name of Condo Man. He is also the co-founder of Propholic website.