Grand Unity Development Co will hold roadshows in Taiwan and Hong Kong next month to tap foreign buyers for a new luxury condo project on Sathon Road amid a sluggish domestic market.
Pattawin Wongsathien, senior vice-president for corporate marketing and sales, said the overseas roadshows will be a first for the company as it seeks to introduce its project directly to foreign buyers.
"Foreign markets will not be a problem if we collect a high down payment," he said. "The likelihood of foreign buyers refusing to accept a unit transfer when the project is completed will be very low, as we collect 30% of the unit price as a down payment."
The first project to be introduced overseas will be Anil Sathorn 12, a luxury condo project worth 3.4 billion baht scheduled to launch on June 15.
Occupying a 1.5-rai plot close to Sathon Soi 12, the project will be a 42-storey tower with 222 units sized at 45-500 square metres and priced at 11-200 million baht a unit.
"This is the first time we are building a luxury project, so we want to introduce it to foreign buyers," Mr Pattawin said. "We will use the location to promote the project because Sathon and Silom are familiar to buyers in Hong Kong and Taiwan."
He said there will be a new BTS station, Suksa Witthaya, near the project's site. It will be completed in the next few years and boost property prices at the location.
According to CBRE Thailand, land prices on Sathon Road have risen by 17.2% a year, while condo supply is limited compared with other popular areas like Sukhumvit Road.
Grand Unity expects to have 50% of units sold in the launch period and 20% of the total sold to foreign buyers. Previous foreign buyers represented just 5% at each project.
Mr Pattawin said the company has about 500 condo units worth a combined 2 billion baht that are completed and remain unsold.
To boost sales of these units, Grand Unity will coordinate with banks to offer special interest rates.
From June to December, Grand Unity will launch three more condo projects: Ciela Charan 13 Station with 360 units, Ciela Charoen Nakhon with 105 units and Denim Chatuchak with 1,813 units.