A textile trading company has diversified into real estate, launching a 1.3-billion-baht condominium project near the BTS extension with a one-price marketing strategy, according to Kuldip Phichitsingh, managing director of property firm Siam Home Development Co Ltd.
Textile trading, its core business under Text-Mart International Co Ltd, has seen stable growth each year so it moved to property to generate more profit.
The group generates about 500 million baht per year from textile trading and 100 million baht from its rental property business, comprising serviced apartments, detached houses and townhouses.
Mr Kuldip said the company acquired a 17-rai plot on Sukhumvit Soi 101/1 to develop residential and commercial projects worth up to 3.5 billion baht.
The location is 600 metres away from an extension of the Bangkok skytrain, he said.
The first phase would be on a seven-rai plot for @City Condominium worth 1.3 billion baht. It comprises 799 units in five buildings.
The company launched sales of City Canal, its first building, at the House & Condo Fair last month.
It sold 60% of 168 units. One-bedrooms are about 33 to 35 sq m starting at 1.49 million baht, while two-bedrooms are 44-54 sq m starting at 1.89 million baht.
"We used a one-price strategy at 44,000 baht per sq m to attract buyers, so first come first serve," he said.
"We hope to close sales soon as the price will include fully furnished units," said Kuldip Phichitsingh.
The company will spend 20 million baht on a marketing and advertising campaign with the brokerage Harrison Plc as a sales consultant.
Construction will start in September 2007, and all five buildings should be completed by the end of 2009.
The company also plans to develop its plots in Bangkok and a golf course in the provinces.
It owns a seven-rai plot on Sukhumvit Soi 93, a seven-rai site in Nichada Thani and four rai in Hua Hin.
No comments:
Post a Comment