The small developer Mestyle Land plans to launch two new condominium projects worth a combined 1.6 billion baht in Bangkok's Bang Na and Huai Khwang districts this year.
Managing director Sombat Sangratkanjanasin said the company will also have a joint venture in a mixed-use project on seven rai in the Samrong area with the same investors it forged a partnership with on the Thru Thonglor condo project launched in 2010.
The Bang Na project, Mestyle@Sukhumvit-Bangna, will be located on a four-rai site on Bang Na-Trat Soi 23 behind CentralPlaza Bangna. With a projected value of 1.2 billion baht, it will comprise 566 units measuring 26-58 square metres, with prices starting from 1.49 million baht.
After a pre-launch two months ago, the project had presales of 50% and expects to reach 90% in four months.
Supachai Jammanowong, an executive vice-president of the property consultant, said the remaining condo supply within three kilometres of CentralPlaza Bangna is not large in number with 2,000 units available from the total of 5,000 in 10 projects or a take-up rate of 60%.
"Condo demand in Bang Na district is anticipated from people living nearby and those working for industrial estates in Chon Buri and Rayong," he said.
On lower Sukhumvit, Soi On Nut has a larger number of condominiums available in the market with about 5,000 units from a total of 10,000 units launched last year.
The sales rate in On Nut is quite slow, needing a longer time for supply to be absorbed. However, it was found that reselling of booked units posted on the internet is relatively high.
"Speculators now seem ready to dump booked units, particularly of leading developers in the area," he said.
"But such speculation has yet to affect unbranded developers."
Established in 2007 with registered capital of 55 million baht, Mestyle Land has three affiliates _ Mestyle Property, Mestyle Asset and Mestyle Place, which develop property projects comprising condos, townhouses and hotels.