LPN banks on new condo concepts for city projects
LPN Development plans to launch two new condominium concepts worth Bt10 billion in total in Greater Bangkok, Lumpini Township at Rangsit and its first premium project on Sukhumvit 24, as it targets presales of Bt20 billion and revenue of Bt15 billion this year.
The company will also kick off its first condominium project in Udon Thani province worth Bt2 billion. The project is close to the UD Town shopping centre.
This is an example of the new condominium concept that has a community mall nearby to serve residents. It will have only 1,400 units at a starting price of Bt600,000, each of which will have usable space of 30-31 square metres.
In total, LPN is launching five condominium projects upcountry. Besides the Udon Thani project, it plans two in Cha-am, one in Jomtien, and one in Hua Hin.
Managing director Opas Sripayak said Lumpini Township in Rangsit would be near Future Park. The Bt7-billion project will have 10,000 units and will open for presales in the third quarter of the year.
"This is our new condominium concept that will create a community within the city, designed to have facilities to support residents' needs, especially a community mall," he said.
Meanwhile, its premium condominium complex on Sukhumvit 24 in Bangkok will offer units priced between Bt150,000 and Bt200,000 per square metre. With about 1,000 units, it will be worth Bt3 billion. Usable space will be 30-31sqm per unit. Its launch is also scheduled for the third quarter.
The company's research shows that demand in Rangsit is for homes costing no more than Bt1 million to serve people working or studying in the area. Lumpini Township is being developed as its flagship in this location.
Overall, LPN plans to launch 13 condo projects worth a total of Bt20 billion this year. Presales are expected to reach Bt20 billion and revenue Bt15 billion.
Meanwhile, the company will transfer Bt2 billion worth of condominiums to customers in the current quarter.
Another Bt10 billion worth will be delivered in the second and third quarters, on Sukhumvit 109, in Bang Na, and in Jomtien.
Currently, LPN has a backlog worth Bt18 billion, Bt12.5 billion of which will be transferred to customers this year, and the remainder in 2014.