Siamese has four projects in sight
Mid-sized property developer Siamese Asset Co plans to launch four new condo projects worth a combined 13.7 billion baht in the next six months.
Investment for the projects will partly come from revenue of 2.1 billion baht from three launched residential projects to be realised between now and December, said managing director Kajonsit Singsansern.
During the first eight months, the company posted 700 million baht in revenue against 600 million baht last year.
Two of the new projects will be near Asoke area including a site on Soi Sukhumvit 31 which it recently bought from SET-listed developer Major Development Plc. Siamese plans an October launch date for the condo project on this plot, a 23-storey building with 200 units. It will cost 2 billion baht with unit prices starting at 125,000 baht per square metre.
"Condo demand on Sukhumvit Road in Phrom Pong area is very strong, driven by Japanese expatriates," he said. Currently, price of existing condo in the location is around 140,000 baht per sq m.
Unit size will start from 45 sq m as demand is mostly family customers. Online booking has elicited 150 names with 50 foreigners including Japanese and Singaporeans.
The other project will be on a two-rai site on Soi Phai Singto the company bought three years ago and waiting new height regulations for new buildings surrounding Benjakitti Park near Queen Sirikit National Convention Center, opposite to the site.
The change will allow construction of new building to be higher than 45 metres or 15 storeys. It is now awaiting BMA Council approval, after which it will be submitted for announcement in the Royal Gazette.
The company has prepared two designs for this project — a 15-storey building, which would comply with the current rules, and a 35-storey building in case the rules change. Both will have a similar project value due to the same amount of saleable area. But, average price for the lower building would be 95,000 baht per sq m while the taller one could achieve 125,000 baht. Unit size for both would start from 30 sq m to more than 100 sq m. Launch is expected next year.
Next quarter, Siamese plans to launch Blossom Condo in Ram Intra area. A 20-storey building with 300 units worth a combined 700 million baht, unit size will start at 35 sq m at 50,000 baht per sq m.
Next year, it will launch a low-rise condo project worth 9 billion baht on a seven-rai site in Charoen Rat area with seven eight-storey buildings and a total of 2,000 units priced 70,000 baht per sq m.