Real estate firm Teka takes the plunge in property development
Teka Real Estate is jumping into the property business with plans to develop three low-rise projects in five years. With more than 35 years’ experience in construction, the company has unveiled its five-year plan to develop three low-rise projects worth a combined Bt2.1 billion to Bt3 billion.
The company is confident of developing quality projects, capitalising on its experience in construction.
Peerawat Wanitwat, managing director of Teka Real Estate Co Ltd, said that despite the current economic slowdown and sluggish growth in the real estate industry, the company foresees opportunities. He said they hope to benefit from the expertise and 35 years of experience of Teka Construction Co Ltd.
Over the next five years, Teka Real Estate will develop three low-rise projects worth a total of Bt2.1 billion to Bt3 billion (each project will be worth about Bt700 million to Bt1 billion). The three projects are in Nonthaburi, not far from the outer ring area; in Ramindra area, not far from Fashion Island Department Store; and a project in Bangna area, not far from King Kaew Road.
“Teka Real Estate will focus on developing low-rise projects, including detached houses, townhouses, and semi-detached houses, with selling price at between Bt3 million to Bt7 million per unit, " Peerawat said.
The first project that the company has started to develop is "The Essence Chaiyapruek - Wongwaen". The project is located on 43 rai of land, on Bankluay-sainoi district in Nonthaburi province. The project has been developed in the form of townhouse over 16.5-22 square wah with selling price starting at Bt1.55 million to Bt2.2 million per unit; semi-detached houses of 35-50 square wah, with selling price from Bt2.89 million to Bt3.3 million, totalling 421 units. The project value is about Bt950 million. This project has been divided into three phases and each phase has about 100 units. Sales of the first phase started in 2018. About 50 per cent of the first phase have been sold. The second phase is set for sales in early 2020, while the third phase will be sold by the end of 2020.The company expects to conclude the entire project by the end of 2021.