Country Group puts new projects on hold

Country Group puts new projects on hold

The Chao Phraya Estate condo project is worth 21 billion baht.
The Chao Phraya Estate condo project is worth 21 billion baht.

SET-listed Country Group Development is freezing new development plans in the second half but says it will still open two luxury hotels this year.

Chief executive Ben Taechaubol said the company this year will focus on Chao Phraya Estate, a mixed-use development worth 32 billion baht on Charoen Krung Road by the riverbank.

"We will focus on selling the remaining units at Four Seasons Private Residences Bangkok, which is 70% sold," Mr Ben said.

As a part of Chao Phraya Estate, the super-luxury condo project worth 21 billion baht has units worth 7 billion baht for sale.

In the first half, Country Group transferred 1.1 billion baht and had a sales backlog of 12 billion baht to transfer within this year.

At present, the average selling price is 300,000 baht per square metre, up from 270,000 baht during the launch period five years ago.

Unit prices range from 45-400 million baht under a lease contract of 25 years plus two extensions of 25 years each.

Two-thirds of the units sold were bought by foreigners, led by those from Hong Kong, who accounted for 28%, followed by Chinese (11%) and Singaporean and Taiwanese (7% each).

Ten units were purchased by an owner of Four Seasons Residences in other destinations, said Mr Ben.

Located on 35.5-rai riverfront plot leased for 75 years from 2019 from the Crown Property Bureau, the Chao Phraya Estate also includes Capella Bangkok Hotel with 101 rooms and Four Seasons Bangkok with 299 rooms that will open in October and November this year, respectively.

The sticker prices for Capella Bangkok Hotel is 16,000-20,000 baht a night, while Four Seasons Bangkok is 10,000-12,000 baht. But in the beginning the two hotels will focus on events and banquets.

"The opening of the two new hotels in the fourth quarter will boost our residence sales as they can help expose the residential project," Mr Ben said.

"Buyers in the super-luxury segment also prefer seeing an actual unit and the scenery before making a decision."

The opening of the two hotels were delayed from March 2020 due to the pandemic.

"We are consolidating our business by putting on hold a development plan for new projects on Rama III Road and in Chachoengsao until the outbreak eases out," Mr Ben said.

On Rama III Road, the developer has 20 rai near the Industrial Ring Road, where it plans to develop a mix of an American international school under the Concordia brand and a condo project worth a combined 5 billion baht.

The development plan has been delayed from the end of the year to the first quarter of 2021, Mr Ben said.

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