SET-listed developer Sena Development Plc plans to launch 10 new residential projects worth a combined 12 billion baht in 2017, two of which are joint venture condos with Japanese firm Hankyu Realty Co.
Deputy chief executive Kessara Thanyalakpark said the company this year will launch more condo projects than ever before with nine sites, and only one low-rise project.
"The condo market [in Bangkok] is very competitive but in many locations, like those near mass transit lines, the condo absorption rate is better than low-rise houses," she said. "Our projects will target young workers and the middle- to lower-end segment in locations we are confident have strong condo demand."
Of the nine new condo projects, two will be joint venture developments with Hankyu Realty, a subsidiary of Japanese developer Hankyu Hanshin Holding Group, which made several visits to Sena's projects last year before signing an agreement last December.
One will be The Niche Pride Taopun, a 40-storey building located on a three-rai site close to the Tao Pun mass transit station with 700-800 units worth a combined 3-4 billion baht.
It will be launched in the third or fourth quarter this year as the company waits for the completion of a missing link between the Blue Line and the Purple Line, scheduled for completion in August 2017.
"The project will tap into the upper middle-end segment, but with affordable prices," she said.
The first project will be developed by a joint venture firm, Sena Hankyu 1 Co, founded last year, in which Sena holds 51% and the Japanese partner 49%.
The other eight condos will be located on Sukhumvit Soi 70, Sukhumvit Soi 113, Sukhumvit Soi 50, Pak Kret, Bang Kradi, Bang Khae, Ram Intra and Lam Luk Ka with the latter six being eight-storey condos.
Of the total new projects being launched this year, three sites were postponed from the fourth quarter last year because of mourning.
SENA shares closed yesterday on the SET at 3.70 baht, down four satang, in trade worth 13 million baht.