Magnolia Quality Development Corporation Ltd (MQDC) is preparing to break ground on The Forestias, a 125-billion-baht mixed-use development on Bang Na-Trat Road, in March after being approved on environmental impact assessment (EIA) reports.
Roongrote Chongsujipan, senior vice-president of Mulberry Grove, said there will be two residential projects in The Forestias developed under Mulberry Grove, a homegrown brand targeted at intergenerational living.
"We designed the product for every generation, as in Thai culture extended families prefer to live together. Yet there is also private space to meet the requirements of individuals," he said.
The two schemes are a luxury single detached house project and a luxury condo project. Both are scheduled to be launched this year.
The condo project will be located on a 15-rai plot and will comprise three seven-storey towers and three eight-storey towers with a total of 297 units. Each unit will be larger than 100 square metres as it targets extended families.
There will also be a high-rise condo project under the Whizdom brand on an eight-rai site comprising two phases targeting the younger generation.
The first phase will feature two towers -- 50 storeys and 43 storeys -- with a total of 859 units. The other will be a 43-storey building with a total of 298 units.
Another rental residential project with medical services focused on senior living is The Aspen Tree Residences located on a 23.5-rai plot with a total of 410 units.
Mr Roongrote said the first residential project under the Mulberry Grove brand will be Mulberry Grove Sukhumvit. It will be located on a 2.5-rai plot on Sukhumvit Road near Ekamai skytrain station.
The project will comprise a 37-storey tower and a total of 287 units sized 47-437 sq m with unit prices starting from 175,000 baht per sq m. Target buyers will have a monthly income of at least 150,000 baht.
The project had a VIP launch last weekend and sold 20%. It will have an official launch on Feb 1.
Aliwassa Pathnadabutr, managing director of property consultant CBRE (Thailand), said the market this year will improve as some loan-to-value regulations were relaxed.
"The new land and building tax caused a slowdown as many people haven't realised the impact on their assets. But eventually they will learn the tax rate is not as high as expected," she said.
Ms Aliwassa said property developers have adjusted to the market and should target projects that meet the requirements of end users.