Fulcrum Global Capital's managing director Frank Leung.

Hong Kong-based Fulcrum Global Capital aims to double its Thai property investments to 8 billion baht over the next four years.

Managing director Frank Leung said Bangkok's residential market remains attractive for investment as property prices continue to rise, driven by land price increases in inner-city areas.

"Bangkok has had significant growth because it has the second-highest per capita GDP in Asean after Singapore," he said. "The city is a gateway to the region and was the most-visited city in the world in the first half of this year, with a growth of 13%."

According to property consultant Knight Frank, and financial firms UBS and Fulcrum, land prices in Bangkok grew by 87% in the past 12 months and 173% in the past 24 months, ranking among the highest of major cities in Asia.

Bangkok property prices rank eighth out of 12 cities in the region: trailing Hong Kong, Singapore, Tokyo, Shanghai, Guangzhou, Beijing and Mumbai and ahead of Jakarta, Phnom Penh, Kuala Lumpur and Bengaluru.

Fulcrum, since October last year, has acquired around 400 condo units at Park 24, a condo project being developed by Proud Residence Co.

The 400 condominium units will be worth about US$100 million or around 3.5 billion baht, which accounts for one fourth of Fulcrum's total portfolio.

Founded in 2012, Fulcrum had assets under management totalling $400 million, comprising 1,000 apartments in London and Manchester in Britain, and the 400 units at Park 24's two towers.

Situated on a 12-rai plot on Sukhumvit Soi 24, Park 24 will comprise six buildings and a total of 2,100 units with combined sales value of 11.7 billion baht. Currently, the project has around 300 unsold units.

Early this month Fulcrum launched a campaign of guaranteed rental return for a whole tower, 245 of the units acquired at Park 24. Guaranteed rental return for the first two years will include 5% for one-bedroom unit and 6% for two-bedroom type.

The tower will be managed by Singaporean serviced-residence operator the Ascott Ltd, with rental rate per month of 45,000-60,000 baht for one bedroom and 60,000-80,000 baht for two bedroom units.

Fulcrum plans to have a sales roadshow in China, Japan and Middle East to draw overseas investors. Its target is to have 60-70% sold at the 245-unit tower by the end of the year, Mr Leung added.

He said serviced residences in the middle Sukhumvit area had rental rates roughly 100% higher than that of average luxury condo in the same location.

According to property consultant JLL, rental returns of serviced residence, when managed by branded operators, outperformed residential apartments by an average of 30%.