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Asia Property Report

Daily, Bangkok
Up-to-date news and coverage of industry trends and innovations from Asia with an in-depth special focus on real estate hot spots, as well as key interviews with important industry figures.
 

Grand Unity aims for condo increase

Apr 26, 2012
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Grand Unity Development Co has new condo projects planned near Bangkok's MRT system.


Grand Unity Development Co, a subsidiary of SET-listed property firm Univentures Plc, is aiming to achieve a total sales of THB 3.5 billion (US$113.15 million) this year.


According to the Bangkok Post, the company hopes to start one new condominium project every quarter in 2012 due to the increase of demand for low-priced accommodations near public transportation on the outskirts of Bangkok.


Official sales begin at the first condominium project Under the Condo U brand this Saturday. The companies target is middle-income residents who earn around THB 25,000 to 30,000 per month (US$808-969).


The companies president, Thanapol Sirithanachai said the combined sales value of all the projects will be around THB 3 to 3.5 billion (US$96.9-113.1 million).


With a location that is five minutes from the Airport Rail Link's Hua Mark station, the Condo U @ Haumark will be a prime area for commuters. The units will range from 31 to 44 square metres, each with complete furniture, and the complex will have a gym, pool, and parking area. Prices start at THB 1.11 million (US$35,887) per unit, or THB 30,000 (US$969) per square metre.


About half of Grand Unity's condominium developments are under the U Delight brand and priced at THB 50,000 to 75,000 (US$1,616-2,424) per square metre. All seven projects since its establishment in 2008 are valued at THB 10 billion (US$323.31 million).


"The condominium market is expanding a lot,” said Thanapol. "It's now easier to younger people to get permission from their parent to buy a condo.”


The post reported that condominium developers are concerned about rising costs as a result of higher wages and construction material prices and that people are now making decisions to buy a condo faster than in the past.


Thanapol said the additional expenses will be offset by this rising purchasing power of consumers.


Ramkhamhaeng, Prachachuen, and Thonburi are a few of the possible locations for the company's new 2012 projects.


Grand Unity plans to invest in seven or eight projects costing about THb 700 million (US$22.62 million) each over the next three years.