Nirvana earmarks Bt7 bn for 4 luxury properties next year

Nirvana Development, a leading developer of luxury residential projects, will spend more than Bt7 billion next year on four major properties, including a riverside condominium on Charoen Nakhon Road worth about Bt3 billion. 

CEO Sornsak Somwattana said the company was also conducting feasibility studies to expand its investment in potential Asean markets, especially Vietnam, Indonesia, Malaysia and Myanmar. 

“We are looking for opportunities in new markets. Our investments will part of joint ventures with local partners, who know the lifestyle of local consumers,” he said.

Sornsak confirmed that of the total Bt7 billion earmarked for next year, Bt3 billion would be allocated to a 48-storey, 100-unit condominium project on Charoen Nakhon Road. 

Another Bt2 billion or so has also been put aside for an eight-storey, 600-unit property on Kaset-Nawamin Road, and Bt1 billion will be spent on a 15-rai housing estate on Rama 9 Raid. In addition, the company will spend Bt400 million on a town-home project located on a 19-rai plot in Onnut area. 

“We will also be developing 18 pool villas on a 5-rai plot on Jomtien beach in Pattaya at the cost of Bt300 million. The villas will be priced at Bt16 million each and will be ready by next year. We have another three plots of land in Pattaya City, ready for development,” Sornsak added. 

He said his company was eyeing Pattaya because it had a strong transportation link with Bangkok, plus there was also a high possibility of an airport link. 

“We are interested in locations where people have a strong purchasing power, such as Bangkok, Pattaya and Phuket. Our residential projects will also serve foreigners, who are looking for a second home in Thailand. Plus, our expansion will also cash in on the Asean Economic Community, which will increase the flow of people in and out of the country once it is implemented in 2015,” he said.

Nirvana Development has nine residential projects in Bangkok, namely Nirvana Beyond Rama 9, Nirvana Beyond Kaset-Nawamin, Icon Rama 9, Icon Outer Ring-Rama 9, Intro Outer Ring-Kaset Nawamin, the Tara Ramindra, Town Home Cluster Ramkhamhaeng, @Work Kaset Nawamin and Shop & Chill Ramkhamhaeng.

The company expects its sales to hit Bt1.4 billion this year, up 90 per cent compared to the Bt900 million posted last year. 

The company is holding an executive preview event at its Nirvana Beyond Kaset-Nawamin until Sunday to showcase its three major projects – Nirvana Beyond Suanluang, Nirvana Beyond Life Rama 9 and Nirvana Beyond Pattaya. 

Sornsak said people’s purchasing power was growing, and Nirvana was making the most of that by focusing on good locations that are convenient for transportation. As for the current political situation, he said it might have a very short-term impact on customers’ decision to buy a home.