Risland lines up two new large condos
Despite the sluggish condo market, Chinese developer Risland (Thailand) plans to launch two new large projects on Sukhumvit Soi 64/2 and near Lamsalee Junction to scoop up future demand from Thais and foreigners.
Kasemsak Soontarotok, sales and marketing director, said it is company policy to keep launching new projects in Thailand to build brand awareness and boost sales.
"Our parent company in Hong Kong allows us to make mistakes as we are a new firm," he said. "We will keep launching new projects to prove our development plan as a Chinese developer."
Amid concerns about the Covid-19 crisis, the company maintains its goal of 10 billion baht in presales by the end of 2020.
From 2018 to the first half of 2020, it launched a total of five projects worth a combined 30 billion baht.
On Aug 1, the company plans to launch the first phase of Skyrise Avenue Sukhumvit 64, a large condo project worth 15 billion baht located on 22 rai on Sukhumvit Soi 64/2, formerly Sriwattana School.
The project consists of seven high-rise towers divided into two phases. The first will have four towers with between 46-49 storeys each and a total of 1,961 units worth 9 billion baht.
This phase will target Thai and foreign buyers separately, with two towers for each group as foreigners' requirements are different from Thai customers, said Mr Kasemsak.
"Facilities such as swimming pools at the towers targeting Thais will be indoors or in the shade as most of them don't like sunlight," he said.
"For foreigners' towers, all facilities will be outdoor and include walking tracks."
After a soft launch last month, it recorded a total of 700 million baht in presales, comprising 500 million from Thai buyers and 200 million from foreigners.
More than 40% of foreign buyers were Chinese, both from the mainland and Hong Kong.
"Our sales from international buyers is still robust as Thailand remains a safe haven for foreigners," said Mr Kasemsak. "If Thailand allows guests entry in October, our customers will be able to come and sign a contract."
The company aims to achieve 1.8 billion baht in presales from the first phase by the end of the year, which makes up 20% of the phase value. Another 20% is targeted for early next year as it is confident in the location.