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Country’s biggest property project, Forestias, springing up despite virus crisis

May 20. 2020
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By The Nation

Magnolia Quality Development Corporation (MQDC), one of Thailand’s largest real estate developers, said construction work on its projects would continue amid the Covid-19 outbreak.

Visit Malaisirirat, CEO of MQDC, expects the number of new real estate projects to drop as other developers review their business plans amid the drop in demand caused by the pandemic, adding that the virus crisis may also change consumers’ behaviour.

“However, the company will continue with our development, especially of The Forestias project, the country’s biggest mixed-use [property] project worth Bt125 billion,” he said.

The Forestias, on Bangna-Trat Road in the southeast of the city, would be completed within three years, he added.

Consumers increasingly prefer homes located outside the city in spacious areas rather than homes near mass transit systems, as they are able to work from home, said Visit, citing a study by MQDC’s FutureTales Lab.

“This is an opportunity for the company because we plan and design projects by focusing on future living trends and consumers well-being.”

He added that DTGO Corporation, the parent company of MQDC, allocates 2 per cent of revenue minus expenses to the Buddharaksa Foundation and the Dhanin Tawee Chearavanont Foundation, to support education for children and improve quality of life in Thai society.

“We have also allocated budget to help people suffering during the Covid-19 outbreak,” he said.

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