Developers scramble as demand for condos remains

Property firms are launching condominium projects in Bangkok and upcountry worth more than Bt20 billion in the current third quarter as they foresee high demand during the rest of the year. Most of them are focusing on condos priced lower than Bt5 million.

Siam Amaco Holding plans to launch three condominium projects in Bangkok worth a total of nearly Bt2 billion. The first, called Avacus Garden Family House, was launched yesterday. The complex on Ram-Indra Road has only 50 units at a starting price of Bt2.08 million per unit. The company also plans to launch two projects on Lat Phrao Soi 71. They are low-rise condominiums, with only eight storeys.

The company also plans to develop an office building on Ram-Indra this year.

"We have confidence that the demand to buy condominiums priced lower than Bt5 million will continue to grow, especially near the central business districts," managing director Chainun Lelanakar told a news conference yesterday.

Tri Property Co, an arm of Wanchai Construction Group, has introduced the ZCAPE condominium project in Phuket with starting prices of Bt1.19 million. It has sold 70 per cent of the total project value of about Bt300 million.

The company also plans to launch two or three new residential projects next year and in 2014 in Phuket, Hat Yai and Surat Thani worth a total of Bt2 billion.

Chief financial officer Chaiwat Tuntiwiwat said Tri Property was also planning five or six condo projects over the next one or two years.

"We will have one or two in Bangkok and four or five in regional economic and tourist centres of Thailand such as Phuket, Hat Yai district of Songkhla, Surat Thani, Khon Kaen and Chiang Mai. We are very well prepared in terms of funding and land to accommodate the growth in the next one or two years, " he said.

Origin Property Co is also introducing a condominium project, KnightsBridge Sukhumvit 107, worth Bt800 million this week.

Meanwhile, listed companies are continuing to launch new projects, both condominiums and low-rise residences such as detached houses and townhouses.

Sansiri plans to launch 14 projects worth Bt8.1 billion in the current quarter. Just halfway through the year, the company has already achieved its 2012 presales target of Bt40 billion. Sansiri president Srettha Thavisin said demand for homes was continuing to grow, both for investment and to live in.

Noble Development plans to introduce a condominium project worth nearly Bt2 billion next week called Noble Revolve. The project is on Phaholyothin Road near Aree Skytrain Station.