CMC To Develop Condo Project Worth 4.1 Billion Baht

From the Bangkokpost

The property developer Chaopraya Mahanakorn Co Ltd (CMC) plans a luxury housing project in the Rama II area and a budget condominium in the Ramkhamhaeng area worth a combined 4.1 billion baht, according to managing director Wichian Padhayanun.

He said the luxury housing segment would recover next year, as the supply was becoming limited, improving the sales prospects for the Rama II development. The budget condominium in Ramkhamhaeng will be located near a future mass-transit route.

The company plans to open The Exclusive, a high-end housing project worth 2.6 billion baht, in the third quarter of the year. It will be located on a 103-rai site on Rama II Km 10, with 229 houses on lots of at least 100 square wah each.

It also plans to launch The Bangkok Horizon condominium worth 1.5 billion baht. It will have 599 units sized between 30 and 308 square metres with an average price of 42,000 baht per sq m, or starting at 1.25 million baht. Construction should finish in 2009.

CMC plans to spend 100 million baht, or about 7% of revenue, on marketing and advertising this year to build brand awareness, Dr Wichian said. CMC has registered capital of 750 million baht and has six projects in hand. One is the Casa Eureka Bang Khae townhouse and home office development on Phetkasem Road with 144 units starting at 3.95 million baht.

It has sold out its Chateau River Boat low-rise condominium on Charoen Nakhon Road with 198 units priced from two million baht. The units should be transferred by the third quarter.
At the recent House & Condo Fair, the company launched Chateau In Town Collage Ratchada 13. The 630-million-baht development will have 292 units starting at 1.86 million baht. About 90% of the units have been sold.

Also launched at the fair was Chateau In Town Major Ratchayothin, worth 220 million baht, with 120 units starting at 1.56 million baht. As well, the company has the 310- million-baht Chateau In Town Ratchada 17 with 150 units, sized from 35 to 90 sq m starting at 1.49 million baht. About 50 units have been sold. CMC is also developing the Royal Regent Ratchada with 79 units starting at 1.74 million baht.

''We chose the Ratchada area because the target customers will be middle-income earners who need to travel by mass transit. Compared to other projects nearby, our prices are reasonable at 42,000 to 46,000 baht per sq m,'' said Dr Wichian, a physician-turned-property developer. CMC expects to generate two billion baht by the end of the year from sales of Casa Eureka Bang Khae, Chateau River Boat, Chateau In Town Collage Ratchada 13, and the first two phases of The Exclusive. Last year, it earned 400 million baht in revenue from sales of 800 million baht.