developer

Grand Unity Development plans to launch two or three condominium projects worth nearly Bt1.5 billion next year after selling 50 per cent of its latest condo - the Bt1.2-billion U Delight - in the last month.

Although the company launched U Delight on November 25, when the People's Alliance for Democracy had closed Bangkok's two main airports, the project has had very positive feedback from the market, selling half of the 622 units, company president Thanapol Sirithanachai said yesterday.

"We adjusted our project price from Bt1.7 million per unit to Bt1.29 million by dropping fully finished furniture, in line with customer wishes," Thanapol said.

 The company also used online media to promote U Delight and had positive feedback from customers. About 20 per cent of the buyers had got information about it from the Internet.

"We used online media, which directly targets our customers and is cheaper than mass-media advertising," Thanapol said.

U Delight is located in Bang Sue district. The project is now applying for an environmental impact assessment licence.

It expects to start construction next year with completion set for 2010. As a result of this success, the company decided to launch two or three new condominium projects next year by setting aside an

investment budget of Bt500 million.

The money will be spent on undeveloped land or distressed assets that can be renovated into condo projects worth a combined Bt1.5 billion.

Half of the Bt500 million will be borrowed from the bank and the rest will come from the company's cash flow.

"We now have cash enough to develop new residential projects after our shareholders increased our registered capital to Bt600 million this year," Thanapol said.

Grand Unity Development is a joint venture between Univentures, which holds 60 per cent, and LPN Development, with 20 per cent. The remaining 20 per cent is

held by the Youwawong family.

The company expects revenue of Bt560 million from its three condominium projects launched this year. They are: the Bt60-million, 50-unit Parkview Vibhavadi 4, which has sold out and will be ready to transfer to customers next year; the 139-unit U Sabai,located on 2 rai of land on Rama IV Road and worth Bt500 million, in which 40 per cent of project value has been sold; and the Bt1.2-billion U Delight project, which has been 50-per-cent sold.

The Bt560 million from U Delight will be booked as revenue next year.

"Almost all of our presales this year will be booked as next year's revenue. This means we will have less revenue this year," he said.

Meanwhile, the company expects presale revenue of Bt1.5 billion in the next year from existing and new projects that it will launch next year, Thanapol added.