SET-listed Bangkok Land Plc (BLAND) is developing the second phase of its Double Lake condominium project in Muang Thong Thani to cater to higher demand in northern Bangkok.
Bangkok Land project director Kunwadee Jintavorn (left), managing director Peter Kanjanapas (centre) andCB Richard Ellis managing director Aliwassa Pathnadabutr at yesterday’s briefing.
The new phase, worth about 525 million baht, will comprise two buildings with a combined 298 units priced from 1.99 million baht.
It will target buyers who work around Muang Thong Thani and Chaeng Watthana Road, managing director Peter Kanjanapas said yesterday.
Bangkok Land sold all 149 units in the first phase worth 333 million baht. They are due to be delivered this month.
Construction of Double Lake's second phase started in September and will be completed in the fourth quarter of 2014.
About 500,000 people live in Muang Thong Thani and 15 million people visit events at its Impact exhibition centre annually, according to CB Richard Ellis (Thailand). Its research projects new condo supply in suburban Bangkok will increase to 47,489 units this year, up 53.54% from 30,930 units in 2012.
Mr Peter said the company has 500 rai of land at Muang Thong Thani for developing future projects.
Next year, it will develop 100 townhouses in the Srinakarin Road area in a project worth 500-600 million baht.
Bangkok Land will still control 1,000 rai in the area after selling 300 rai to another listed developer, Sansiri Plc, for 3 billion baht by mid-November.
Bangkok Land, through its business unit Impact Exhibition Management Co, is also due to launch the country's first real estate investment trust (REIT) in the fourth quarter with a size of 20 billion baht, mainly to finance Impact exhibition centre's second phase.
Bangkok Land will hold half the REIT, with the rest offered to retail and institutional investors.
Kasikornbank and Maybank Kim Eng Securities have been appointed as the Impact Growth REIT's financial advisers and underwriters.
Bangkok Land said in August that the Impact II project, with an exhibition and convention centre, hotel, condo and shopping mall, is to begin construction in next year's first quarter on 500 rai at Impact Lakeside. Construction will take 18-24 months. Investment is expected to reach 30-40 billion baht.
Shares of BLAND closed on the Stock Exchange of Thailand at 1.72 baht yesterday, up four satang, in trade worth 674.70 million baht.