CPN Residence Co, the residential development arm of SET-listed Central Pattana Plc (CPN), is confident of success in the provinces as it plans three new condominiums and an upscale detached-housing project worth a combined 2 billion baht in 2018.
The purchasing power of homebuyers in the middle to higher-end markets outside Bangkok remained strong, managing director Kree Dejchai said on Friday. In particular, he sees real demand for condominiums among younger people who want convenience.
"A condominium with the proximity to a shopping centre can meet requirements of both real buyers and investment buyers who can rent out their units," he said.
One of the new residential projects, he said, would be a detached-housing estate with units priced from 10 million baht. A condominium project will be also located in Bangkok.
By 2022, CPN Residence aims to have 10 billion baht in revenue with double-digit annual growth. To achieve that goal, it will launch between 20 and 25 residential projects over the next five years.
This month it is launching two new condominiums worth a combined 1.5 billion baht under the Escent brand in northern Thailand.
Escent Ville Chiang Rai, worth 600 million baht, will be located close to CentralPlaza Chiang Rai on Phahon Yothin Road. The two eight-storey buildings will have 320 units priced from 1.49 million baht each.
Escent Ville Chiang Mai, worth 900 million baht, will be located in the same area as CentralFestival Chiang Mai. It will have two eight-storey buildings with 450 units priced from 1.95 million baht each.
"We are checking qualifications of buyers at three condominium projects in Rayong, Chiang Mai and Khon Kaen and expect to transfer the units by February next year," said Mr Kree. "We aim to realise 3 billion baht from them."