SET-listed Major Development (MJD) plans to carefully assess market conditions and homebuyer sentiment before launching any new projects this year, focusing on existing developments, particularly those near schools with strong demand.
Managing director Suriya Poolvoralaks said any new projects this year would involve official launches of developments that already had soft launches the previous year.
"As everyone knows, the economic situation is not very favourable," he said.
"Real estate is being closely watched and there may be oversupply in certain locations. Developers will need to adapt to these conditions."
MJD usually does not launch a large number of projects per year, said Mr Suriya.
"We focus on only 2-3 projects annually, carefully selecting locations we have thoroughly evaluated. This approach allows us to move forward with greater confidence," he said.
Mr Suriya said while the property market remains sluggish, there are variations between segments. Low-rise and high-rise developments differ and there are still opportunities and potential in many locations, he said.
"Everyone is concerned about the economy and weak purchasing power, which will remain this year. But we believe in our advantages, which other developers might not," said Mr Suriya.
One of MJD's recent projects that performed well is Muniq Charoen Krung, located on Charoen Krung Road, opposite Shrewsbury International School.
Launched in March last year, the project achieved a 60% sales rate, with nearly all buyers being end-users, including parents of students at the international school and local residents.
The project is a joint venture between MJD and GS E&C, one of South Korea's top three construction firms, with ownership split 51% and 49%, respectively.
Next month the company plans to launch Maru Chula, following a presales period in September 2024, which achieved 30% sales. The project is situated in a prime location near Chulalongkorn University and several high schools.
"Most buyers are either end-users or those planning to rent out their units in the future. None are pure investors," he said.
"Even during economic downturns, there is still demand for properties near universities."
The pet-friendly condo project Maru Chula comprises 219 units worth 1.5 billion baht. It is another joint venture with GS E&C, with the Korean firm again owning 49%.
