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Published on March 19, 2008

The first project - Royce Private Residences, worth Bt3 billion - was launched yesterday.

It will be developed by MJAI Development, a joint venture between Major Development, which holds a 51-per-cent stake, and AIG Global Real Estate Investment.

The project has already received bookings worth 30 per cent of its value. Half of the purchases are by foreigners, the firm said.

AIG Global managing director Patrick Lee said the firm had decided to invest in the project because demand for luxury residential units remains strong, especially at locations close to the central business district.

The company - the international property arm of AIG Investment Group - is also keen to expand its local business in retail projects.

Major Development will develop its two other projects on its own.

The next project to be launched this weekend will be a low-rise condominium in Hua Hin worth Bt3 billion.

The third project will be a luxury condominium worth Bt3 billion on Jomtien Beach, Pattaya.

Suriyon said the company would launch only three projects in the first half. If sales prove positive, it may consider launching more projects in the second part of the year.

To date, Major Development has developed eight residential projects worth Bt13.8 billion in Bangkok and Hua Hin.

They are: Hampton Thonglor 10, Fullerton Sukhumvit, Watermark Chaophraya River, Manhattan Chidlom, Wind Sukhumvit 23, Wind Ratchyothin, Aguston Sukhumvit 22 and Mykonos Hua Hin.

The company expects to achieve sales worth Bt4 billion from the Watermark Chaophraya River. It also expects to gain 70 per cent of Manhattan's project value of Bt1.2 billion this year.

Major Development recorded revenues of Bt2.2 billion last year with a net profit of Bt279.72 million.

Somluck Srimalee

The Nation