Orin Development Co Ltd plans to launch a 500-million-baht condominium project in the Rama II Road area to take advantage of strong local demand.
Managing director Soravut Manasomjit said low-priced condos are still wanted around Rama II, where the most popular choices have been single houses and townhouses.
The new project, planned for launch in April, will be a 20-storey condominium on five rai near Bangmod Hospital.
It will comprise 400 units of 26-30 square metres starting at 1.2 million baht.
"We'll tap customers with monthly salaries of 40,000 baht seeking affordable housing, while other options in the area are mostly single houses priced above 8 million on the main road," said Mr Soravut.
He said land prices on Rama II Road have soared 40% in the past three years.
Land on the main road runs about 120,000 baht a square wah.
Rama II is a low-rise residential area with many single houses and townhouses offered, but condo demand is growing as the location becomes an extended area of the city with high potential, said the 30-year-old executive.
The new projects will follow the first condominium launched in 2010, Origins Rama II, located on seven rai.
It will include two eight-storey buildings with a total of 488 units, now sold out, worth 500 million baht.
Another project is under consideration on a seven-rai site at the same location, to be designated as a condo or low-rise project by mid-year.Founded in 2009 with registered capital of 120 million baht, Orin encompasses five property development affiliates, a property agent and a construction firm.
All have the Manasomjit family as major shareholders.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter