After selling 41 condo units at a new project on Surawong Road to Singaporean buyers in mid-September, the property developer Siamese Asset Co aims to sell 30 more and will close a deal to sell 100 units at another site to a Japanese agent in October.
An artist’s conception of Siamese Nang Linchee on Rama III Soi 73.
Managing director Kajohn Sae-Eng said Singaporeans are buying Thai property as the prices remain relatively low, so they expect to reap a capital gain in the future.
Sathon, Silom and Surawong roads are their preferred locations.
The Siamese Surawong project will be located on a 1.5-rai site on Sap Road, opposite the Russian embassy.
Launched in mid-September, the project has had 101 Thai buyers and 41 Singaporeans ones.
The 20-storey project worth 1.4 billion baht will have a total of 206 units sized from 45.6 square metres for a one-bedroom unit to 197 sq m for a duplex penthouse with prices starting from 99,000 baht per sq m. Construction will be completed in April 2016.
"We are in talks with a Japanese hospitality firm that is seeking about 200 condo units for Japanese expats. It is a new trend for Japanese firms to find accommodation for their staff to easily set a budget," he said.
Kajohn: Talks with a Japanese firm
The Japanese hospitality firm aims to buy 100 units in one building block so it will be easier to manage. It will rent out these units to Japan-based clients that send their staff to work in Bangkok.
Mr Kajohn said the company will introduce Siamese Nang Linchee, a new condo project worth 900 million baht on a 2.5-rai site on Rama III Soi 73, as there will be two eight-storey buildings with 105 and 109 units, respectively.
After the launch for sales in late August, it sold 70 units. Unit sizes will range from 35-103 sq m with prices starting from 75,000 baht per sq m _ which the company claims are 20% lower than other projects nearby.
During the first nine months of the year, the company recorded 2.1 billion baht in presales and targets 3 billion baht by the end of the year.
It will realise 3.2 billion baht in revenue by the end of 2013, up from 400 million baht last year.
Next year it plans to launch three new projects worth a combined 2.8 billion baht.
One of them will be Siamese Queen, a high-priced condo project on a 2.5-rai site on Soi Phai Singto opposite the Queen Sirikit National Convention Centre.
The 1.8-billion-baht project will have a total of 300 units sized from 30 sq m and priced at 100,000 baht per sq m on average.
Another two projects will be new phases at Blossom, a large housing project on Ram Intra-Ratchada Road. Phase two will comprise fifteen 4.5-storey home office standalone units on a 100-sq-wah plot with a usable area of 600 sq m each at a unit price of 24 million baht.
Phase three will feature four 20-storey condo buildings with a total of 300 units sized between 30-40 sq m priced 40,000 baht per sq m, or starting at 1.4 million baht a unit.
The condo phase will be in a new concept with a unit design of 6m wide and 4.5m high which will provide multipurpose spaces for a bedding area, work space, closet and entertainment room.
The project will tap middle- to low-income earners who rarely get a large-sized condo unit, said Mr Kajohn.
On Ram Intra Road, the company also eyes buying a non-performing asset, which comprises 10 suspended buildings, from Bangkok Commercial Asset Management Co.