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
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.