Property developer Krungtep Land plans to launch three housing projects worth a total of 7.6 billion baht this year, with a sales target of 1.8 billion baht by December.
The first project, worth 6.5 billion baht, will be located on 350 rai on Rama II Road and will take at least four year to develop.
It will comprise single houses priced form four million to eight million baht, 10-15 million baht each, according to chief executive officer Thongchai Kunakornporamu.
The first phase of the project opened early this year and has generated 400 million baht in sales.
Krungthep Land will also open a 200-unit townhouse project worth 700 million baht on 30-rai plot in Phasi Charoen in the third quarter. Unit prices will be three to four million baht.
It will also launch the last phase of its Bang Bon project which consists of 60 single houses priced between six million and eight million baht.
“Although we have launched projects in suburban areas, there is still a lot of local demand for our projects,” Mr Thongchai said.
Yesterday the company officially opened the sales of the Pano, an up market condominium on Rama III Road worth 5.6 billion baht.
During the soft launch over the last three months, The Pano recorded 30% in pre-sales or 130 units worth 1.6 billion baht; 93% of the customers were Thai. The company aims to sell 65% of the project by the end of the year.
Construction of the Pano will start in April and finish in 2009. The site covers nine rai and will have 397 unit’s priced form five million baht or 90,000 baht per square meter.
A 2.6-billion baht loan from United Overseas Bank was approved for the project, which is being developed under Riverside Home Development Co. Future projects will be developed under Krungthep Land Plc, in which Singapore investor Fraser & Neave now has a 33% stake.
Krungthep Land has another 15 rai in the same location which will also be developed into condominiums, with serviced apartments, a hotel and retail facility,in a second phase worth a combined 10 million baht.
Mr Thongchai said the company was confident in the Rama III location. Growth is anticipated in the area following the completion of new residential projects.