Grand Unity Development, a condo development subsidiary of SET-listed Univentures Plc, plans to launch three new condo projects worth a combined 2.5 billion baht after freezing launches for over two years.
Taddao Chirasawadi, acting managing director, said the company will resume new project launches this year after applying an optimisation strategy with a focus on adjustment and revision for the organisation.
"Some of the new projects were postponed from last year. But all will be at affordable prices for the mass market," she said. "We will have no new launches of luxury condos as locations need to be selective."
The company is set to have 2.7 billion baht in presales and 3.5 billion baht in revenue by the end of 2022, compared with 3.3 billion baht and 1.6 billion baht in 2021, respectively.
Presales and revenue from last year were all from existing projects.
It has a sales backlog of 3.5 billion baht which will be realised in 2022-23.
It had remaining units available for sale worth a combined 8 billion baht.
One of the new projects it plans to launch this year will be Blue Phahon Yothin 35, a low-rise condo worth 800 million baht with two eight-storey buildings totalling 322 units with units sized 24-37.5 square metres and priced from 1.89 million baht.
Ms Taddao said the company is confident in the location at Phahon Yothin Soi 35 as it is near Ratchayothin junction where condo demand is strong, driven by sources of employment.
"In the past five years, the average absorption rate of condo supply in the Ratchayothin area was 44% which outperformed Bangkok's average," she said. "Despite Covid-19, it slightly dropped and resumed to 44% in the first nine months of 2021."
Two other new projects will be located on Sukhumvit Soi 89 and Sukhumvit Soi 105 worth a combined 1.7 billion baht.
Currently, Grand Unity has six condo brands comprising Denim, Blue, Ciela, Mazarine, Klein and Anil for segments ranging from affordable prices to luxury.