Thai Summit's property arm moves ahead after plex-Bangna launch
Real Asset Development Co, the property arm of Thai Summit Group, plans to launch a low-rise condominium project worth Bt400 million at Ekamai-Thonglor in December after introducing its first townhouse project, Plex-Bangna, worth Bt1.3 billion yesterday.
Vice president Skultorn Juangroongruangkit, who is the fourth son of Thai Summit Group’s owner Somporn, told a news conference that the company was interested in developing three or four low- and high-rise residential projects a year after giving birth to its first project, Plex-Bangna, in the current quarter of this year.
Plex-Bangna has already sold 20 of the 38 units in its first phase. This will be booked as Bt350 million in revenue this year. Then the next two phases will be opened next year.
Next year will also see the next four residential projects. One will be a condominium worth Bt2 billion to Bt3 billion close to the Skytrain on Sukhumvit Road. The following three projects will be townhouses and detached houses.
“We cannot say where our three new low-rise residences will be because we’re in the negotiating process to buy undeveloped land,” Skultorn said.
However, the company now has land on Ram-Indra for one of the three low-rise projects next year.
The company has had to delay its townhouse project worth Bt550 million on King-Kaew Road, which had been planned for this year, to January because it has to change the design from duplexes to townhouses.
“We became interested in diversifying our business to the property industry when we saw the demand in the market, while the group also has vacant land to develop residential projects,” Skultorn said.
The company’s investment policy will focus on low-rise residential projects for 70-80 per cent of its portfolio. The rest will be condominiums. The main location is the eastern side of Bangkok such as Bang Na on Sukhumvit, he added.