Property development firm Wealth Developer plans to launch at least one residential project annually on its land plots in three locations after yesterday launching a project in Chon Buri worth 2.5 billion baht.
Wealth Developer's Zea Sriracha Condominium in Chon Buri features 585 units on 39 storeys with beach and mountain views. The project is due to be completed in 2017.
Managing director Wanpenn Tanatumsiri said the firm has a combined 56.6 rai worth 525 million baht — 35 rai in Kanchanaburi, 20 rai in Chon Buri and 1.6 rai on Sukhumvit Soi 64 in Bangkok.
A condominium development in Bangkok is likely to be the next project.
The Zea Sriracha Condominium in Chon Buri features 39 storeys with beach and mountain views, offering 585 units at an average price of 85,000 baht per square metre.
Four unit types have prices ranging from 2.17 to 10.41 million baht and Wealth Developer offers a Japanese onsen facility including a sauna, fitness room and 30-metre swimming pool with a facility fee of 45 baht per sq m.
The project in Si Racha district is due to be delivered to customers in 2017.
Mrs Wanpenn said the company expects to achieve more than 50% in presales for the project this year.
Potential buyers are mainly investors who want to rent out for Japanese expatriates and corporate employees at nearby industrial estates.
Founded in 2010 by executives of Standard Performance Co, which has experience in the construction business for more than 30 years, Wealth Developer has registered capital of 500 million baht.
According to Knight Frank Thailand, Si Racha has become one of the more interesting areas in Thailand for residential development because of its advantageous location in Chon Buri province.
For some people, it represents a quieter alternative to the raucous and congested resort city of Pattaya. Many other people, both Thai and foreign, are looking for places to live in Si Racha because it is close to the industrial estates where they work.
In addition to being close to the Laem Chabang deep-sea port, Si Racha is within easy reach of the Amata Nakorn, Hemaraj Chon Buri, Pinthong, Laem Chabang and Eastern Seaboard industrial estates.
At Pinthong, a 5-billion-baht expansion covering 352 hectares this year will bring the total area of the complex to 960 hectares.
As Pinthong and other estates grow, more Thai and foreign professionals and other workers will be seeking housing.
Since the very first condo project was developed in the town in 1991, the cumulative number of condo units in Si Racha reached 6,480 as of the first quarter of 2014. However, the real condo boom began only last year with an influx of 3,030 units or 46.8% the total supply in a single year.
Hundreds more condo units are in the pipeline for Si Racha this year.