An older ariticle on condo development by a major developer in Bangkok... enjoy!
Luxury high-rise condominium developer Major Development Plc has launched the "Wind" brand for a series of new compact-sized condominium projects targeting young customers aged between 28 and 35.
Chief executive Suriyon Poolvoralaks (pictured above) said the Wind condominiums would aim for younger buyers, including young executives, business people, young couples, small families and people who like to live independently.
The first two condominiums will be on Sukhumvit 23, worth Bt1.2 billion, and in Ratchayothin, near the Major Cineplex shopping plaza, worth Bt1.6 billion.
The Sukhumvit 23 project features a 22-storey building containing 220 units. These include 172 one-bedroom units, 44 two-bedroom units and four penthouses. The Rathchayothin project offers 390 units in a 37-storey building. Of these, 146 will be studio apartments, 178 will be one-bedroom units, 62 will be two-bedroom units and four will be penthouses.
The company launched pre-selling for the two projects yesterday, with prices per square metre of Bt88,000 to Bt100,000 in the Sukhumvit 23 project and Bt70,000 to Bt90,000 in the Rathchayothin project. Twenty per cent of the units in the Sukhumvit 23 project have already been reserved.
Suriyon said the company's research had found that many young people prefer to live independently in modern residences with convenient access to facilities. Both projects offer smaller units than those generally offered on the Bangkok condo market. Suriyon said many developers consider the Ratchayothin area to be one for middle-market projects, rather than high-end. However, the company is confident of a good response because its research has found many "heavy-pocketed" people living in the area.
To promote the two projects, Major Development has set aside Bt30 million for advertising, direct mailing, marketing events, road shows and co-campaigning with allied businesses. It expects the projects to be sold out before the end of the year.
The total Bangkok market is currently offering 6,051 grade-A condo units, 12,614 grade-B units and 7,835 rated grade C. The most popular areas are the central business district, Sukhumvit and Thon Buri areas along the Chao Phya River, Soruyon said. Major Development has developed condominium projects with an accumulated value of Bt8.55 billion. Its projects include Garden View, Hampton, Fullerton, Watermark and Manhattan. The company recorded revenue of Bt700 million and net profit of Bt67 million last year. In the first half of this year, it generated Bt1 billion from sales for a net profit of Bt182 million.
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