Bangkok--10 Aug--4D Communications
Mr. PiyaSosothikul, Executive Director of Seacon Group, disclosed that “Actually, we were among the first to develop a housing community back in 1970’s. At that time, we worked with the United States government who provided long term post financing loans up to 30 years to support buyers of almost 1,000 detached houses within the Moo Baan Mittraphap project in Soi On-Nuch”
Seacon Group is the developer of Siam Square, Seacon Square Department Stores and most recently which will be launched early next year, Seacon Bang Kae. It also owns a construction business comprising companies such as Seacon Home and Compact Home, and has investment in the hotel industry, the Renaissance Phuket Resort and Spa. It has also been successfully developing housing projects for foreigners in Phuket for the past several years, having completed more than 11 villa projects. The strategy to expand in the Bangkok area with the latest project builds upon the group’s land bank in the Srinakarin area.
“The residential real estate in Bangkok will be under the umbrella brand The Estate, with the first project being townhomes valued at 250 mm in Soi On-Nuch, close to Srinakarin Road. The product is quite unique with each unit being 10 meters wide compared to the standard 5-5.5 meters, which provides a feeling of spaciousness and a lifestyle similar to that of a detached home. With our land bank in the area, we plan to invest more in the future starting with townhomes and detached home before moving into the low rise condominium segment. We expect to achieve sales of 300-500 million per year” Mr. PiyaSosothikul said.
The overall market demand for detached houses and townhomes in Bangkok and its vicinity remains decent and is expected to grow by 5percent this year, while the overview of Thai real estate business still has nearly growth compared to last year. However, for the eastern part of Bangkok, the Srinakarin area will still see strong growth due to various positive factors such as the new airport, road expansion, and completed services such as hospitals, shopping malls, and hotels. “There are about 25 residential projects along the Srinakarin Road with approximately 3,500 units available with a total value of 15 billion. They are all doing relatively well compared to other areas of Bangkok based on similar products and pricing” Mr. PiyaSosothikul added.