Magnolia Quality Development Corporation (MQDC), a Thai real estate giant, is in discussions with local builders for potential projects in the National Capital Region (NCR), eyeing a partnership announcement early next year. The focus is on luxury residential developments in Delhi and Gurugram, forming part of mixed-use projects. MQDC also plans to establish five co-working facilities in the NCR, with one operational in Greater Kailash-II and another on Golf Course Road in Gurugram. The co-working space in Gurugram started operations on November 30. MQDC, valued at over $9 billion globally, anticipates project details and investments to be finalized in early 2023.
Magnolia Quality Development Corporation (MQDC), a prominent Thai real estate developer, is actively exploring opportunities in the National Capital Region (NCR) and is seeking to unveil a strategic partnership with local builders for a luxury residential project early next year. The envisioned mixed-use developments in the NCR, primarily in Delhi and Gurugram, are expected to prioritize luxury residential components.
MQDC India Real Estate's Country Director, Chulamas Jitpatima, revealed the company's plans during an event showcasing a luxury project in Bangkok for the Indian market. She anticipates that these plans would be finalized in the coming months and the project would likely be launched by early or mid-2025.
MQDC, valued globally at over $9 billion and experiencing ongoing growth, is eager to make significant strides in the Indian real estate market. While Jitpatima refrained from disclosing specific investment details, she indicated that such information would be finalized early next year.
In tandem with its real estate ventures, MQDC is making noteworthy strides in the co-working sector. Already operational in Greater Kailash-II, MQDC's second coworking facility, Whizdom Club, commenced operations on November 30 at the Tapasya One building on Golf Course Road in Gurugram. The company plans to establish a total of five co-working facilities in the Delhi-NCR region, offering a blend of luxury and functionality. The Greater Kailash-II facility, spanning 22,000 square feet with 250-270 seats, boasts an impressive 80% occupancy. Simultaneously, the upcoming Gurugram facility, spanning 42,000 square feet and providing 500 seats, has already garnered 15% occupancy.
MQDC's foray into the Indian market aligns with its commitment to environmentally conscious design and sustainable practices. With a focus on luxury residential projects, the company aims to bridge gaps in India's realty landscape, catering specifically to affluent consumers.
The Thai developer showcased its premium Bangkok properties for Indian buyers in the presence of Pattarat Hongtong, ambassador of Thailand to India. Wilawan Brenig, Vice President of International Market Development at MQDC, emphasized the appeal of MQDC's projects to foreign buyers, with 10-12% of sales coming from international clientele. Notably, 5-6% of these buyers hail from India.
MQDC recognizes India as a market of unparalleled potential amid Bangkok's cosmopolitan expatriate community, enticed by the city’s amazing amenities, fabulous service culture, and world-class education and healthcare.
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