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Published on November 8, 2007

The firm will develop a Bt420-million condominium project on Phaholyothin Road called Prom Phaholyothin 2.

Chalita, who is Baan Aungsana's managing director, said the company had already developed a Bt120-million condominium project in Soi Intramara 29 of Suthisarn Road.

The project, called Lot 29, was completed and its residential units transferred to home-buyers last year, making Bt120 million in sales revenue.

Prom Phaholyothin 2, located in Phaholyothin Soi 2, will offer condominium units starting at Bt1.9 million, with the penthouse going for Bt15 million.

The project will have 122 units,

30 per cent of which are already sold.

Chalita said the company planned to develop another residential project on Phaholyothin Road next year. It will involve a condominium and townhouses, provided market demand for these residential types continues.

"We're strongly confident about expanding our property business this year and next, because we have a land bank that is big enough to develop projects that serve market demand," she said.

Chalita and her husband own Kumjornkij Construction. Baan Aungsana was established in 2005 with registered capital of Bt60 million.

Research by Nexus Property

consultants show nine property firms have launched 10 condominium

projects on Phaholyothin Road,

offering nearly 2,500 units that

collectively are worth as much as Bt5 billion.

Nexus managing director Apisit Limlomwongse, who is the property and market consultant for Prom Paholyothin 2, said although the

supply of condominiums on Phaholyothin Road had shown

strong growth, he believed demand, at Bt1.5 million to Bt3 million a

unit, would also continue to grow. This is because Phaholyothin

will become part of the expanded Central Business District with the arrival of the new mass-transit system.

The company believes Prom Paholyothin 2 will be sold out within six months, he said.

Somluck Srimalee

The Nation