Major Development plans three luxury condominiums

The luxury residential developer Major Development Plc plans to spend one billion baht to acquire three new plots of land in Bangkok and Pattaya to develop high-end residential projects worth over five billion baht, said managing director Suriya Poolvoralaks.

The new projects would be launched in the second half of the year. Two would be high-end condominiums in the central business district and another would be a 10-rai plot in Pattaya where it planned to develop high-end condominiums and hotels.

''We've tested the resort market with the launch of Mykonos condominium in Hua Hin and received a good response from the market. The project is now 90% sold since launch early this year,'' he said.

The Hua Hin project would be located on a two-rai site near Chatchai Market, comprising 122 units sized 40-50 square metres and priced from two million baht, said Mr Suriya.

The company also launched the Spanish-style Aguston Sukhumvit 22 worth two billion baht. It would comprise of two buildings with a total of 269 units from one to three bedrooms sized between 50-263 square metre and priced starting from 100,000 baht per sq m or five to 30 million baht.

The project is 50% sold, and expects to close sales by mid-2008. ''We don't need to accelerate sales speed because we want to wait for prices to rise. The price at the first launch was 88,000 baht per sq m and now it is 100,000 baht,'' he said.

Mr Suriya said the company had a backlog of five billion baht. It expects to realise 2.1 billion baht in revenue by the end of the year, up by 30% from 1.6 billion baht in 2006. Most income would be from unit transfers of Fullerton, Manhattan and Water Mark.

The company's existing projects, worth 13 billion baht, include Watermark along the Chao Phraya River worth 5.7 billion baht, which is 70% sold; and Manhattan Chidlom worth 1.25 billion baht, which was 90% sold.

Meanwhile, the company's sub-brand Wind projects on Sukhumvit Soi 23 worth 1.2 billion baht was 50% sold and 1.6-billion-baht in Rachayothin area was 30% sold.

''We're ready to be listed on the stock market, but we are waiting for the right time, which should be within the year,'' said Mr Suriya.

Source: The Bangkok Post