Real Asset launching 3 projects this year

Real Asset Development Co, property arm of the Juangroongruangkit family who own Thai Summit Group, plans to launch three residential projects worth Bt1.6 billion this year to support revenue growth of 37 per cent to Bt1.1 billion from last year's Bt800 million.

The company's vice president Sakulthorn Juangroong-ruangkit said it saw strong demand in the residential market after selling its first townhouse project, Enterprize Park Home Office in Bangkok's Bang Na district, worth Bt800 million last year.

"Our three new projects will be townhouses close to the mass-transit system," he said.

He added that the company had set aside an investment budget of Bt730 million to buy land for residential developments next year. This is part of its business strategy to boost its annual revenue to Bt3 billion by 2015.

"We target average growth of 20 per cent a year after this year's target of 37 per cent," Sakulthorn said.

He added that the company's first townhouse project this year was Stories on Kanchanaphisek Road starting at Bt2.39 million per unit.

The Bt620-million project has 216 units and is being launched in the current quarter. The company's next two projects will launch in the second half.

Real Asset Development Co was established two years ago by the Juangroongruangkit family with registered capital of Bt900 million.

The company has launched residential projects worth Bt4 million since 2011. It develops both low-rise and high-rise projects in Bangkok and suburbs.