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.
Asian Property Development to launch ten more projects
Jul 17, 2012
A new Aspire condominium project has been announced
It has been reported by The Nation that in the pursuit of its full-year presale target of THB20 billion(US$633.6 million), Asian Property Development is planning to launch ten new residential projects worth a combined THB11.62 billion (US$368 million) in the second half of the year. The development company has announced that two of the ventures will be detached-house projects worth a total of THB2.1 billion (US$66.5 million), six will be townhouse projects costing THB6.63 billion(US$210 million), and two will be condominiums worth THB2.89 billion (US$91.5 million).
According to chief marketing officer Vittakarn Chandavimol, these developments come as a part of a business plan to launch seventeen projects this year at a cost of THB20.3 billion (US$643.12 million). In the first six months of the year, the company launched seven projects worth around THB8.68 billion (US$275 million).
Of the new condominium projects planned for the second half of the year, the first to be launched is Aspire Sathorn-Taksin, worth THB890 million (US$28.19 million). The property comprises 546 units, each starting at THB1.5 million (US$47,521). Since 2010, this marks the seventh Aspire condominium project launched. The other six are located on Ngarmwongwan, Srinakarin, Rama IV, Rama IX, Rattanathibet, and Sukhumvit 48.
According to Vittakarn, the demand for condominiums priced between THB 1 million and THB 3 million (US$31,681 " 95,043) was growing strongly. According to the company’s research, of the properties for sale in Greater Bangkok in the first quarter of the year, 12,907 of the 20,343 condominium units on the market (roughly 63 percent), fell into that price range.
In the meantime, since introducing the project last month, Asian Property Development has sold 70 percent of the 540 Aspire units on Rattanathibet at a starting price of THB 1.2 million (US$38,000).
In light of the demand for condos that fall into the aforementioned price range, the company launched a new marketing campaign, Aspiring Heights by AP, at Centralworld, which ran last weekend. Any buyers who booked condominiums at the event are were eligible for discounts on the units up to THB100,000 (US$3,168), as well as paying zero interest for the first six months of their mortgage. The company targeted sales of THB700 million (US$22.17 million) from the event.