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In the office sector by the end of fourth quarter this year more than 70,000 sqm ‘A’ grade floor space will be added in CBD with the opening of Sathorn Square the largest in the Bangkok. It will affect the office market in year 2011.
A recent study of Thailand’s Agency for Real Estate Affairs has revealed that 64 property projects were suspended in first half of 2010 due to developer’s failure to get the financial assistance from the banks. Mostly small and new developers having projects at 78 locations with 1,266 units are failed. Mostly ignorant about the demand of the buyers they offered a high priced unit whereas the demand is of low priced unit. Eventually, buyer is difficult to find. 22% suspended projects were due to Environmental reasons. Non active property projects are increased compared to 61 projects last year.
Aquarius Estate Co. Ltd; is planning to sale remaining units of finished condominium projects worth BHT 1.5 billion in this year. As per the company in Greater Bangkok around 30,000 units are offered each year, 65% are sold either completed or in progress and 35% remain unsold. Company is targeting the sale of the 3000 finished units priced at BHT 3 million on average. The company is to offer the consultancy to the developers to sell their condo units. Strategically, company sold 60 units worth BHT 250 million at the Clover Thonglor Condominium in Soi Thong Lo of the developer Living Land Capital Plc. The project was launched 4 years back having sales value at BHT 2 billion and 60 of its units were not sold. Aquarius was hired for the project, who suggested the developer to spend additional BHT 500,000 on renovation, to include playground, design change in lobby and swimming pool. The Living Land Capital was able to sell the units at higher price of BHT 90,000 per sqm against BHT 70,000 per sqm. Some financial packages were also offered apart from makeover and within a week of re-launch all the units were sold.
The company is planning to manage four new projects of 500 units worth BHT 1.5 billion. Company is contemplating to buy new plots of land for town house and condominium projects. The company is managing the development, sales, designing, size, pricing and market research for ‘Navatanee housing Project’ on Seri Thai Road worth BHT 4 billion. The Aquarius Estate recorded BHT 80 million 30% of its revenue from fee based business and rest from sales of its condo units on Soi Sukhumwit 49 and Samui Hotel business( In Phuket) in last 5 months.
Asian Property Development is launching 15 new projects worth BHT 24 billion, despite influx of housing supply. As per company the demand for low-rise units is good and supply will be out of stock in the segment, half of their projects are targeting single houses and townhouses. These will be developed at Kalapapruek, On Nut, Suksawad, Ratchapruek and Vacharapol roads. The project includes 1,300 townhouse and 1,000 detached houses for BHT 14 billion. The three projects planned at Sathorn Road and Sukhumwit 50 is of condominium providing 2,300 units worth BHT 10 billion.
Housing competition in second half will be tough as 14 listed companies are coming up with 160 new projects worth BHT 200 billion combined.
Another developer AP was able to sell worth BHT 5.4 billion in the first 5 months. Company expects another sells worth BHT 7 to 8 billion in second half. The company had backlog of BHT 14 billion last year. The low rise units Project at Baan Klang Krung Sathon townhouse was presold in short term since its launch on 12th June. Another project of BHT 900 million on Nine-rai plot on Charoen Rat Road near Sathon Road comprises 90 three and four storey townhouses having price range of BHT 9-20 million.
Ananda Development is coming up with 5 new projects with an investment of THB 8 billion by end of the year. All upcoming projects are situated along the mass transit lines. The company currently has 12 active condo projects under ‘Ideo’ Brand. By end of this year 8 condominiums with total 5,500 units worth THB 20 billion will be ready. At Sukhumwit 38 a high rise condominium worth THB 6.9 million with 199 units has been added to the portfolio of the company.
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