Published on December 02, 2005

Prinsiri Plc plans to develop 10 residential projects worth Bt5.5 billion next year, most of them close to Bangkok’s mass-transit system, said chief executive Siriluck Kovitchindachai.

She said at a company press conference in Kunming, China, on Tuesday that next year’s projects would include single-detached houses and townhouses on Rama II, Kaset-Nawamin and Ekachai-Bang Bon roads and in Bang Khae district.

Siriluck said the company would also diversify to develop its first condominium project.

“Demand for residential property, especially condominiums, will grow continuously through next year,” she said, “especially those near the Skytrain or the subway”.

She said homebuyers’ now preferred to buy residences near public transport, after being hit by rising oil prices. The government’s policy of constructing more electric trains has also encouraged homebuyers to buy condo units near those lines.

“We expect to launch three or four condominium projects within the next two or three years,” she said.

Siriluck said the company is looking to buy a number of undeveloped land plots near the Skytrain for condominium projects. Prinisri is expected to open its first condominium project in Lat Phrao Soi 44 next March. Another condo project is expected to be located at Victory Monument.

Deputy managing director Chaiwat Kowitchindachai said Prinsiri had set a budget of Bt2 billion for land purchases. Part of that will be from sales of initial public offering shares worth Bt432 million, and the rest will be from bank loans.

“Land prices have declined 10 per cent from the economic slowdown, so this is a good chance for us to collect plots of land,” he said. The firm will also launch housing and townhouse projects, as well as a home-office project near Suvarnabhumi Airport in the second quarter of next year.

Chaiwat said the company’s marketing strategy for next year involved good locations, good products and suitable pricing. “Our homes are 10 per cent cheaper than those of our rivals.” The company expects revenues next year to grow 25 per cent from this year’s estimated Bt2.3 billion.

Sucheera Pinijparakarn

The Nation

Kunming

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