LPN sells 70% of project in pre-sales

The total value of the units sold is Bt1.82 billion. Pricing units in line with customer demand and building at prime locations helped the company see good pre-sales, which were opened last weekend.

The company set the starting price for the units at Bt57,500 per square metre or Bt1.92 million for studio-type apartments for the first day of the pre-sales. On the second day, the price was hiked 5 per cent to Bt60,375 per square metres but buyers continued to stream in, LPN managing director Opas Sripayak said.

"Before launching the project, we surveyed the demand for houses in the area, which has a population of about 200,000. We found a majority of the people wanted to stay in the area. So we were confident that the project would meet customer demand. Our marketing strategy would be to sell the units lot by lot after the pre-sales at prices 5 per cent to 10 per cent higher to factor in rising construction costs," he said.

The Bt6-billion Lumpini Place Rama IX-Ratchada comprises two buildings. The units have been designed on the energy-saving concept. The project offers two unit types: one-bedroom units with utilisation space ranging from 33.5 square metres to 45 square metres and two-bedroom units with utilisation space between 70 square metres and 72 square metres.

LPN has applied for a construction licence and Environmental Impact Assessment. It expects to start construction in the fourth quarter and the project is scheduled to be completed by mid-2010.