Big developers banking on Nonthaburi
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Big developers banking on Nonthaburi

Mr Wongsakorn, centre, says Property Perfect developed 530 rai for 13 projects of single  detached houses in the area.
Mr Wongsakorn, centre, says Property Perfect developed 530 rai for 13 projects of single detached houses in the area.

Eight large developers launched or plan to release 4,600 residential units with an expected combined sales value of 50 billion baht on 1,300 rai in Nonthaburi, marking the first time they will be developing next to each other, while hoping to avoid direct competition.

The pioneer is Property Perfect Plc, which began acquiring plots in Klong Phra Udom in Nonthaburi’s Pak Kret district over a decade ago, starting with a landlocked parcel.

After accumulating more plots and selling the first piece sized 215 rai to the University of the Thai Chamber of Commerce in 2009, the company constructed a four-kilometre road to cut across the land.

Hor Karn Kha Thai Road links Chaiyaphruek Road in the south and Saphan Nonthaburi-Bang Bua Thong Road (Road No.345) in the north, significantly improving the land’s potential.

“The company invested 400 million baht on the road and other infrastructure,” said Wongsakorn Prasitvipat, managing director of Property Perfect. “This attracted other developers, particularly large ones, to invest in this location with us.”

Along the road, the total land area is 1,300 rai, with Property Perfect owning the largest portion at 600 rai.

This land can be developed for more than 15 projects with a combined sales value of 20.5 billion baht.

Property Perfect has developed 530 rai for 13 projects of single detached houses and a market avenue.

Of the total, one is a luxury single detached house project, a joint venture with Hong Kong-based property investment group Hongkong Land.

The remaining land was purchased from Property Perfect by other SET-listed developers, with SC Asset Corporation, Sansiri and Pruksa Holding the first buyers.

While Property Perfect’s projects in this location mainly comprise single detached houses in the middle to upper-end segment, SC Asset’s units are priced between 10-30 million baht, while Sansiri’s units priced from 6-40 million baht were sold out.

Pruksa launched two single detached house projects, including one with units priced between 5-8 million baht, which were sold out. The other, with units priced between 8-15 million baht, is expected to sell out in the third quarter this year, according to the company.

Other developers in the area include AP Thailand Plc, Central Pattana Plc and Proud Real Estate Plc.

AP plans to launch twin homes priced from 6 million baht next month after planning regulations in Nonthaburi last year allowed the development of housing types other than single detached houses.

Central Pattana and Proud are designing projects that are meant to differentiate from the products offered by their peers.

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