Rayong-based property developer Termsub Group has shifted its focus from low-rise houses to condominiums to serve strong demand spurred by the relocation of factories to industrial estates in the eastern province after the 2011 floods.
The eight-storey Wisdom Grandiose, located on a seven-rai plot on Ratch Chumpol Road in Muang district of Rayong, has 330 units ranging in size from 29.5 to 48square metres, while prices will range from 1.6 million to 4.5 million baht.
President Pisit Ramnuch said the number of new factories on the Eastern Seaboard Industrial Estate in Pluak Daeng district has doubled since the floods, with most in the auto-parts industry.
"New factories have brought in over 1,000 people. These people moved with their families and looked for residential units in Muang district as this is where many schools are situated," he said.
With strong demand and rising land costs, at least 10 new condo projects will likely be launched this year, half by local developers and half by Bangkok-based firms.
"We are not afraid of the entry of large or Bangkok-based developers whose brands are strong as we are local, know who our customers are and have a relationship with them," said Mr Pisit. "Local buyers are strongly confident in local brands."
Pisit: Not afraid of large developers
Most condo projects in Rayong are developed in two locations. One is Muang district on three roads including Sukhumvit, Ratch Chumpol and Rat Bamrung. The other is along the beaches of Mae Phim and Mae Ramphueng.
Mr Pisit said Rayong's property market has boomed since last year with a doubling of land prices. On Sukhumvit Road, the latest transaction price was 80 million baht per rai.
Termsub will officially launch its first condo project, The Wisdom Grandiose Condo worth 1 billion baht, this weekend.
Developed by subsidiary Delicia Co Ltd, it is on a seven-rai plot on Ratch Chumpol Road in Muang district.
With an eight-storey building and 330 units ranging in size from 29.5 to 48 square metres, prices will range from 1.6 million to 4.5 million baht.
After a soft launch early this year, the condo recorded sales of 50% and expects to close sales by the end of the year.
Founded 20 years ago, Termsub has developed more than 20 single-house projects on 1,000 rai worth more than 3 billion baht.
Although its first project was in Chon Buri's Sattahip district, most projects were in Muang, Rayong.
Due to rising land prices, the group plans to launch a three-storey townhouse project next year. This year it will launch a new single-house project in Muang worth 700 million baht with 128 units priced 4-7 million baht.