Douglas Cheung (left) shows a model of Nivati Thonglor 23 with Vivat Pipugsmoot, chief executive of 888 Thonglor.

The Thong Lor area remains enticing for luxury condominium development, attracting property investors from Hong Kong who plan to launch two new projects worth a combined 7.77 billion baht in September and November this year.

Hong Kong's Wah Ming Optical Manufactory Ltd director Douglas Cheung said the luxury condominium market in Bangkok is still attractive for investment despite fierce competition.

"Thong Lor is my preferred location," he said. "I have purchased many condo units in this area for investment. When opportunity knocked, I decided to develop a project in the area as my first property development."

Mr Cheung, who has invested in various properties in London, New York and Tokyo through a private equity fund, created a joint venture with a Thai investor, called Cevas Properties Co, with a 21:79 ownership ratio.

Founded recently with registered capital of 350 million baht, Cevas Properties will launch Nivati Thonglor 23, a seven-storey condo project worth 1.6 billion baht. It will be located on a 1.33-rai plot on Thong Lor Soi 23 with 52 units priced from 17-65 million baht.

After the launch in Bangkok on Sept 16, the company will offer sales in Hong Kong next month.

Vivat Pipugsmoot, chief executive of 888 Thonglor Co, the Thai co-investor of Cevas Properties, said the joint venture firm aims to develop two to three projects worth a combined 6-8 billion baht over the next five years.

"The joint venture project is my first property development. As a new entrant, we choose to play in the luxury segment, where competition is lower with limited supply," said Mr Vivat, who is also the managing director of Petchkasem Civil Engineering Co, a contractor.

Another Hong Kong investor is splashing out for The Esse At Sukhumvit 36, worth 6.17 billion baht -- to be located on a 2.5-rai site on Sukhumvit Road near the Thong Lor skytrain station.

The project will be a joint venture development between Hong Kong Land, a large property investment management and development group based in Hong Kong, and Singha Estate Plc, a property arm owned by Thailand's oldest brewer, Boon Rawd, with a 49:51 ratio.

Scheduled to launch in November, it will be a 43-storey condo with 338 units priced from 12 million baht a unit or 320,000 baht per sq m.

Nexus Property Marketing Co managing director Nalinrat Chareonsuphong said Thong Lor was one of the top locations that property buyers from Hong Kong preferred, followed by Lang Suan and lower Sukhumvit.

According to Nexus, new condo supply in the Thong Lor area (launched from 2015 until the third quarter this year) totalled 1,130 units from eight projects with an average price of 275,000 baht per sq m.

Of the total supply, 671 units were sold, accounting for 59%. Some 515 units were launched in the first nine months of 2017, encouraging property developers to continue launching new supply, Mrs Nalinrat said.