Fragrant plans condos, hotels

Fragrant plans condos, hotels

Condo developer Fragrant Property Co plans to launch at least two new residential projects worth a combined 10 billion baht while diversifying into hotels in Bangkok next year.

Circle Rein will be launched next month on a one-rai site on Sukhumvit Soi 12.

The company also wants to invest in Yangon and London property over the next three years.

Senior vice-president Thepparit Thipchatchawanwong said expansion abroad would come after the company completes its initial public offering (IPO) scheduled for next year.

Asia Wealth Securities is Fragrant's financial adviser for the IPO.

"We need to diversify to other destinations, not only Thailand," Mr Thepparit said.

"When the country encounters worse market sentiment, we will have somewhere else to gain income. We are eyeing the hotel business because it will offer us fixed revenue."

The budget for overseas investment will be about 2 billion baht. In Yangon, the company will have a joint venture with local investors to develop a mixed-use property project in the city.

In London, it will join local partners with expertise in property regulations. It will either buy an apartment building and renovate it for rent or sale or it will buy a land plot to develop a residential project.

Last year, Fragrant set up a subsidiary, Fragrant London Co, for investment in the English capital, now the world's most expensive city.

In Bangkok, one of the two projects being launched next year will be on about 10 rai near Sukhumvit Soi 38 where it will develop a condo and hotel.

After aggressive business expansion, Fragrant expects to record 6 billion baht in presales next year, doubling the total expected this year.

During the first eight months, it had presales worth about 2 billion baht. It has a sales backlog worth 6 billion baht that will be realised in the next few years.

Fragrant will next month launch condo project Circle Rein Sukhumvit 12 worth 900 million baht on a one-rai site on Sukhumvit Soi 12, 300 metres from the main road and near Asok skytrain station.

It will be an eight-storey building with 122 units sized between 30-155 square metres and priced 150,000 baht per sq m on average.

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