Project Keystone
Two freehold serviced apartment properties in Phuket, Thailand, with 928 units between them. They were built in 2021 and 2023 and are run by an institutional rental operator. They are held through two Singapore holding companies. The majority shareholder is offering its 80.76% interest, and the fund that holds the other 19.24% is open to a route to full ownership. The target gross asset value is THB 3.15 billion on a 100% basis. The properties, the structure and the figures are in the room after a confidentiality agreement.
Units
928
Two freehold properties, built 2021 and 2023
Target GAV
THB 3.15bn
About US$97M, 100% basis
Discount to appraisal
About 32%
Against the Dec 2025 valuation
Target entry yield
About 8.0%
On GAV
- Asset
- Two freehold serviced apartment properties
- Location
- Phuket, Thailand
- Scale
- 928 units, built 2021 and 2023
- Ownership
- Two Singapore holding companies over the Thai property company
- Transaction
- Purchase of the majority shareholder's 80.76% interest
- Pricing
- Target gross asset value THB 3.15 billion, 100% basis