Different Property Developers
By Michael Aimiyo
A new developer ‘Tri Property’ has recently launched its second project ‘Proud X2’. The first project was ‘Proud’ at Chaeng Watthana area of Bangkok part of northern suburbs where all the units are sold; Bangkok properties under construction are under way. The promoters of the company had a large plot of land in the Soi next to Software Park.
This attracts the value as it is situated just opposite to Central Plaza shopping mall. For the second project it bought the land in the same Soi. Prior to 1997 economic crisis the promoters owned construction company ‘Wanchai Construction, which was among the top 5 players in the field. In the crisis period the property bubble burst had to shift its attention from building construction activity.
The Tri Property uses precast floors, bricks and mortar walls in the condominium. The speedier prefab method is used by bigger budget developers, as this method augments the speed of construction which helps developer to clear the bank loans quickly. This has disadvantage as well. In the precast material the sleeves are to be kept for pipe fittings and alteration becomes costly and requires technical skill as well. The sealant used to affix the panels is important. Thai builders are usually conversant with brick and mortar techniques as this is traditional method in Thailand to build the houses. In this the alteration or repairs are cheap. The projects are for Thai buyers and their requirement in the ready to use units is almost same, it is easier for builder to design the layout make the flexible arrangements in interiors to give a spacious look. The size of the units is also small compared to foreigners demand. Even in event of prolonging political unrest these areas are going to remain insulated from any disturbances, which promise a better investment opportunity for end users.
Promoters of Bangkok properties
The promoters are not listed, overwhelmed with the response company plans to get it listed on the Thai Stock Exchange to meet the ambitious plans in the future. The immediate plan of the company is to launch projects worth BHT 500 million to 600 million next year. The target area will be near City Centre which is nearby the existing projects. The Chaeng Wattana area has developed as new government centre
which employ ten of thousands of workers has recently started.
For the company eastern suburbs looks more promising as the Suvarnabhumi Airport is situated in the area and also has the eastern seaboard. This gets confirmed by a survey conducted by ‘The Nation’ last week. The Airport Rail Link between Makkasan and Suvarnabhumi, which will be done soon, has created new condominium clusters which are having plenty of inexpensive units and are attracting pretty good end users and investors.
Airport Link helps developers
Number of Projects worth BHT 10 billion each is under construction on the route at Asoke, Phetchaburi, Raiprarop and Makkasan. Two years back the construction of Airport Link began and property developers started launching their projects around the link. Prinsiri, the developer has completed project worth BHT 1 billion of 547 units, Ananda Development has project worth BHT 1.5 billion for 447 units and Chiwathai Raiprarop has worth BHT 1.3 billion for 329 units.
The Circle, condominium of Fragrant Property Group has market value BHT 4 billion with 901 units has already sold 90% of its units. My Resort of Equity Residential had launched in year 2008 has 200 units on Phetchaburi road. True Thonglor condominium developed by Pool Asset has 400 units.
The latest luxury condominium at Asoke – Phetchaburi by Asian Property Development has 574 units with starting price of BHT 5.23 million per unit valuing the project BHT 3.3 billion.
Real Estate firm Harrison is looking for land owners around the airport rail link for residential projects worth BHT 5 billion. By end of 2011 4,500 units will be ready for offer. Prices for Condominium units in the area range between BHT 75,000 to 150,000 per sqm. Land prices in and around link are lower to the prices in Sukhumwit, Sathorn and Silom area.
The developers are optimistic, awaiting start of airport rail link for better gains for these 2 years old investments in the area. With the beginning of the rail link a fresh bunch of buyers will get attracted to this area. Already with the increase in fuel prices a lot of people are shifting once again to Condominium from single detached single houses. The present prices in land and unit prices are to increase by at least 10% in very near future. The link is going to start by end of the year.