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articles relating to the property market in Thailand and
Bangkok for the 'Your Money' section of the Bangkok Post.
He is a co-director of Condo Bangkok. |
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| Ten new projects this year |
Ten new projects this year
This article has been included within our articles section
Sansiri subsidiary Plus Property will launch 10 projects worth a total of Bt5 billion this year, with six aimed at the middle to low-end segments.
The developer will also spend Bt1 billion to buy land for projects next year, Plus Property CEO Maytha Chanchamcharat said yesterday.
Three condominiums worth a total of Bt1.6 billion will come under the My Condo brand and three town-house estates worth Bt1.4 billion under the Town+ brand.
All six of these projects will be offered in this year's first half to the lower- to middle-income market. Condo units will be priced under Bt1 million and town houses at Bt2.45 million. The My Condo projects will be located in the Sathorn-Taksin, Sukhumvit 103 and Pinklao areas, while the Town+ projects will be in the Rama IX, Suvarnabhumi and Lat Phrao areas.
The four remaining projects, worth a total of Bt2 billion, will be introduced in the second half for the middle- to upper-income markets. Condo One condos will fetch Bt1.5 million a unit, while a town-house project under a new brand will go for Bt3.5 million per unit.
Now the medium to upper-end market faces oversupply and high competition, so we must launch six projects for the medium to lower-end market, which has strong demand and fewer players, said Maytha.
Presales are expected to reach Bt4 billion this year, which will be recognised in next year's income statement.
Plus Property hopes to book revenues of Bt4.5 billion this year, of which Bt3.3 billion will come from condo and town-house projects that began presales last year and will be delivered to home-buyers this year.
The remaining Bt1.2 billion will come from property sales this year and fee income from its brokerage and project-management operations.
Last year, revenues rose 17 per cent to Bt2.86 billion, from Bt2.43 billion in 2005, with 88 per cent coming from property sales and 12 per cent from brokerage and property management.
Out of its annual marketing budget of Bt135 million, or 3 per cent of its total sales target, Bt23 million will be spend on its first event of the year: the Let's Plus Fair, which runs from March 23-25 in Siam Paragon.
The company hopes to ring up sales of Bt2 billion from the three-day event.
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