Bangkok--8 Jul--Fragrant Property
Fragrant Property today announces that it has purchased a new land bank on New Petchburi Road to develop condominium project worth as much as 3 billion Baht after the successful launch of ‘Circle’ project.
The new project, for which the group has already purchased the land bank, would likely be launched by mid-2010 and it is expected that sales of this project would likely be strong thanks to the development and the commercial operations (by the time of the launch) of the Airport Link.
Mr James Duan, Chief Executive Officer of Fragrant Property disclosed that the company had purchased land bank almost 4 rais on New Petchburi Road, which is located on the opposite of the first “Circle’ condominium project, with the new condominium estimated to be worth as much as 3 billion Baht.
“Currently, we are studying details of the project but the value would not be less than 3 billion Baht and the project is expected to be launched in mid-2010. So, we believe in the potential of the project which will generate good response among consumers similarly to the first project. The new project will be developed under the brand “Circle” to promote image of condominium for new generation with high technology to provide more convenience to daily life style,” Mr. James said.
Mr. James added the first “Circle” project which was worth 4 billion Baht and comprised of 901 residential units has so far been able to generate sales of almost 80% at present and the company expects to close sales of the project after the commercial operations of Airport Link which would likely be by the end of this year.
“We are confidence that New Petchburi Road is the other potential locations according to good response from consumers to the first “Circle” projects. In addition, they are many developers who turn to develop projects in this area because land price is still cheap and it’s not far from the center of business such as Sukumvit Road while the development of infrastructure such as Airport Link will help to provide more convenience for transportation in this area,” he said.
Mr. James added the growth of GDP is expected to turn positive in the fourth quarter of this year especially from the cash injection to the system by the government including with several measures to promote property sector and investment sector which will help to recover the market as well.
“City condominium continues to still show signs of high demand because people change life style but supply would unlikely exceed the demand even though there are many new condominium projects that are being launched at the present moment. Present measures by the government are good enough. Anyway, the government should focus on developing infrastructure which will help to boost economic growth and attracts more investors to Thailand in long term,” he concluded.