Pacific Star Development Ltd (PSD), an Asean real estate developer listed on the Singapore Exchange, on Wednesday announced that its wholly-owned subsidiary, PSD Singapore, has partnered with Damac International, a property developer in the Middle East, to develop luxury properties across key cities in Southeast Asia over the next five years
The partnership will see the two property leaders jointly develop high-end properties across Asean countries, with Thailand and Malaysia as primary markets, followed by Vietnam, Indonesia and Singapore.
The developers will collaborate on identifying prime locations in key gateway cities where they will jointly develop new residential, hospitality and retail projects, said Glen Chan, CEO and managing director of PSD.
He said: “One of the priority cities for the strategic partnership is Bangkok, which continues to attract strong buying interest from foreign investors at the high-end condominium market segment.”
Damac International is part of Damac Group, which develops luxury real estate in the Middle East and has delivered over 19,000 units in the region. Damac Group’s current development portfolio has more than 44,000 units, including 13,000 hospitality units, in various stages of development.