Grand U readies five projects worth B5bn

Grand U readies five projects worth B5bn

Condominium developer Grand Unity Development Co (Grand U), the property arm of the Sirivadhanabhakdi family, plans to launch five new projects worth a combined 5 billion baht this year.

Managing director Neramit Srangiam said most of them will tap the lower-priced segment with unit prices between 1.5 and 2 million baht or about 60,000 baht per square metre, while unit sizes will be at least 30 sq m.

"We will not develop condos that are 26 sq m like we did the past two years, as this size is not liveable for consumers," he said.

Grand U will also develop some high-priced condos over 100,000 baht per sq m the next few years.

The move is in line with the policy of its parent firm, Univentures Plc, which wants Grand U to keep developing condos in all segments.

The company has two brands: U Delight offers units priced from 70,000 to 80,000 baht per sq m, while Condo U features units ranging from 50,000 to 60,000 baht.

They contribute 40% and 60% of company revenue, respectively.

Meanwhile, Grand U's sister company, Golden Land Property Development Plc, will build only low-rise projects for housing and high-rises for mixed-used development.

Grand U expects 5 billion baht in sales and 3.8 billion in revenue this year, up from 4.69 billion and 3.11 billion, respectively, last year.

Sales and revenue totalled 3.73 billion and 2.3 billion in 2011.

Earlier this year, the company spent 900 million baht to buy two new plots of land, on Phahon Yothin Road near SCB Park Plaza and another one in the Hua Mak area.

It plans to spend another 800 million baht to buy more plots for new projects in addition to 4 billion to construct four projects.

By 2014 Grand U aims to have 5.5 billion baht in revenue and 6 billion in sales.

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