AStar Property, a joint venture of Thai and Malaysian investors, has successfully launched its first condominium project, Astro, worth Bt1 billion, on Chaeng Wattana Road thanks to the recovery in Thailand's economy, managing director Soh Chee Yong told a press conference yesterday.
He said that after his icecream business, Cremo, became well known, he started to explore other investment opportunities.
He found real estate an interesting and attractive alternative, so he decided to set up a joint venture with his Thai partner to develop residential projects in Thailand. AStar Property was born last year with registered capital of Bt120 million.
Astro is on 2 rai (3,200 square metres) of land and offers 484 units at a starting price of Bt1.29 million. The project has submitted to an environment impact assessment and is now applying for a building permit. Construction is expected to commence in January and be completed in 2013.
The sales agent is Nexus Property Marketing, and the marketing budget is Bt30 million.
Nalinrat Chareonsuphong, managing director of Nexus, said the company targeted sales to reach 80 per cent by yearend by focusing on local demand, especially from stateagency staff working at the Government Centre on Chaeng Wattana Road.