NovRabbit Holdings / BTS Group
The corporate structure behind The Residences 38 is more specific than the branding alone suggests. The legal project owner and developer is Prime Area 38 Co., Ltd., a subsidiary of Rabbit Holdings; BTS Group is the parent group, while Ananda Development was appointed to manage construction, development, sales and marketing. For a buyer, the key contracting entity is therefore the project company named in the sale documents rather than the broader group brands.
A company name is not a recommendation. Check the project company, contract and selected unit before reservation.
Overview
The corporate structure behind The Residences 38 is more specific than the branding alone suggests. The legal project owner and developer is Prime Area 38 Co., Ltd., a subsidiary of Rabbit Holdings; BTS Group is the parent group, while Ananda Development was appointed to manage construction, development, sales and marketing. For a buyer, the key contracting entity is therefore the project company named in the sale documents rather than the broader group brands.
Track record
Rabbit Holdings is not a newly created single-project vehicle. The Stock Exchange of Thailand records the company as established on 23 June 1988 and listed since 16 February 1993; the former U City adopted the Rabbit Holdings name in 2022. Its residential history also includes a joint venture with Sansiri covering more than 2,700 condominium units, according to Rabbit Holdings. That gives the group a meaningful corporate and property track record, but buyers still need to assess the obligations attached to The Residences 38 itself.
Segments and prices
The Residences 38 sits at the top end of Bangkok's residential market, with Rabbit Holdings positioning it as an ultra-luxury mixed-use development. The 36-storey building combines 56 private condominium residences on the upper floors with 115 La Clef Bangkok by The Crest Collection serviced residences below. The official sources reviewed do not provide a single current public price list, so pricing and the included fit-out should be confirmed for the specific unit and live offer.
Geography
The NovAsia-linked project is in central Bangkok on Soi Sukhumvit 38 in the Thonglor area, with the official project site stating approximately 40 metres to Thong Lo BTS station. Rabbit Holdings' residential experience is broader than this single address, as its disclosed joint venture with Sansiri has developed condominium projects elsewhere in Thailand.
Reliability and public record
There are several verifiable layers of corporate disclosure. Rabbit Holdings is listed on the Stock Exchange of Thailand, and BTS Group held 68.03% of the company as of 26 March 2026. For The Residences 38, the project company Prime Area 38 Co., Ltd. is publicly identified, while the project site also discloses its construction permit, environmental approval and condominium registration information. These are useful due-diligence anchors, but they do not by themselves guarantee the terms of an individual purchase, the absence of encumbrances or foreign-quota availability for a specific unit.
What to verify
Before signing, match the seller and payment recipient against Prime Area 38 Co., Ltd. and verify the signatory's authority. For the specific unit, request evidence of available foreign quota, title documentation and current encumbrances; the project's own disclaimer states that the development has financial obligations to Bangkok Bank. Buyers should also confirm current common-area fees, sinking-fund terms, the exact furniture package and which services belong to the condominium versus optional La Clef Bangkok services.
Frequently asked questions
Who is the legal developer of The Residences 38: Rabbit Holdings, BTS Group or Ananda Development?
The project's official disclaimer identifies Prime Area 38 Co., Ltd., a Rabbit Holdings subsidiary, as the developer. BTS Group is the parent group, while Ananda Development manages the project's construction, development, sales and marketing. The project company named in the contract is therefore the key legal counterparty for a purchase.
Does Rabbit Holdings have residential experience beyond The Residences 38?
Yes. Rabbit Holdings discloses a joint venture with Sansiri that developed more than 2,700 residential and condominium units across Thailand. That history is separate from The Residences 38 and should not be treated as an automatic guarantee that terms or outcomes from earlier projects carry over to this one.
Is The Residences 38 a completed project?
The official site publishes condominium registration details and, in 2026, advertised a unit as ready to move in, supporting that the project has reached a completed operational stage. Availability, actual fit-out condition and foreign ownership eligibility still need to be checked for the specific unit at the time of purchase.
Sources
Sources are named for independent checking. NovAsia does not publish outbound links.
- Rabbit Holdings Public Company Limited · Rabbit Holdings — Real Estate Business and Residential Joint-Venture History · 26.08.2026
- The Residences 38 / Prime Area 38 Co., Ltd. · The Residences 38 — Official Disclaimer: Project Company, Permits and Development Structure · 26.08.2026
- The Residences 38 · The Residences 38 — Official Project Website · 26.08.2026
- The Stock Exchange of Thailand · Stock Exchange of Thailand — Rabbit Holdings Company Factsheet · 26.08.2026
- The Stock Exchange of Thailand / SET Link · Rabbit Holdings — Listed Company Snapshot for 3M 2026 · 26.08.2026
- Rabbit Holdings Public Company Limited · Rabbit Holdings — 2022 Rebranding from U City to Rabbit Holdings · 26.08.2026