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Founder Adisorn Vivakanond, who is the second generation of the family contracting firm Wanchai Construction, and his friends formed the company early this year with registered capital of Bt50 million.

Adisorn, who is Tri Property's managing director, said one of the two new plots was located on Chaeng Wattana Road and could be developed as a condominium project or low-rise residences like townhouses. The other plot, located in inner Bangkok, may be developed as a condominium.

"We'll start to invest in the next year for both projects," he said, adding that the budget would come from the company's cash flow.

"We believe this is a good time to invest in residential projects for sale, because construction-material costs are lower than last year, and the return on investment is higher than saving in the bank," he said.

However, Tri Property plans to apply for a project loan with the bank for construction of its first low-rise condominium project, Proud of Chaengwattana, which will enable it to manage its cash flow more efficiently. The company has set a debt-to-equity ratio of 1 for its first project.

Adisorn said Chaeng Wattana Road would become a new central business district after state agencies moved their offices to the new Government Centre that had been built there.

As a result, the company decided to launch Proud of Chaengwattana in the area by setting aside an investment budget of Bt150 million to Bt200 million to develop the Bt250-million project.

The company has applied for an environmental-impact assessment and construction licence for Proud of Chaengwattana. Construction will start next January and is expected to be completed a year later.

Tri Property will open formal presales for the project on Friday and Saturday at its sales office on Chaeng Wattana Road.

The project has 75 studios with use space of 26-31.65 square metres, 52 one-bedroom units with space of 33.17-45.75 square metres and six two-bedroom units of 59.12 square metres. Prices average Bt50,000 per square metre.

The company has already recorded presales for 40 per cent of the units.

"We expect to be sold out by the end of the year after setting aside a marketing budget of Bt10 million for this project," he said.

The company expects revenue this year of about 10 per cent of the project value of Bt250 million. The remainder will be booked next year and in 2011.