D'well unveils big expansion plans

By Property Reporters
The Nation
Published on August 14, 2008

D'Well Development plans to set aside an investment budget of Bt250 million to buy 45 plots in Bangkok and the countryside for project development.

D'Well managing director Thavanan Tanesdechsundhara presents model of D65 condominium project on Sukhuvit Soi 65.

D'Well managing director Thavanan Tanesdechsundhara said the company would buy the plots in the Thonglor and Ekamai areas of Bangkok and in provincial tourism destinations, such as upper Phuket and southern Phang Nga, to devel¬op detached houses and condo¬minium projects worth Bt500 mil¬lion to Bt800 million, each.

He said the projects would see high demand, especially from ven¬ture capitalists, who have bought units as longterm investments. Some customers have increased property assets in their portfolio in a bid to fight high inflation.

For example, Amari Coastal Bay Development Corporation bought 22 units of the D65 condo with a com¬bined value of Bt66 million for the purpose of renting them out.

D'Well has been in the property sector since May last year, with a registered capital of Bt120 million. It is owned by Thavanan and Piroon Shinawatra of the Shinawatra clan.

"We consider them potential areas as they could interest a lot of foreign customers. Many highend investors want to shift their money into real estate, especially during the current high inflation," Thavanan said.

The size of the condominium projects in Bangkok would be sim¬ilar to that of the company's first project, D65 condo.

The projects in the countryside would be developed as villas, aimed at foreign customers. The company would also help arrange tenants so that the buyers can earn rental income.

Thavanan said the company, which has been in the industry for more than a year, would develop the investment projects on a gradual basis by spending the income obtained from the first project for investment in later ones.

The company has just succeeded in its D65 condo project worth Bt660 million, with almost full reservation of its 190 units in two eightstorey buildings. It is located in Sukhumvit 65 on a more than tworai plot.

The D65 condo project was ini¬tially sold at Bt50,000 per square metre the price was later raised 12 per cent to compensate for increasing construction costs.

The construction is expected to be completed next year.

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D'well unveils big expansion plans

D'Well Development plans to set aside an investment budget of Bt250 million to buy 45 plots in Bangkok and the countryside for project development.

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