Maryland's first condo
Property firm Maryland Co, a subsidiary of Orchid Group, has introduced its first condominium project, Downtown 49, worth Bt800 million, on Sukhumvit Soi 49.
“We acquired the Channel V office building and redesigned it as an eight-storey condominium project, investing Bt600 million to renovate it. Up to Bt400 million of our investment came from a Bangkok Bank loan,” the company’s managing director Phankid Laohachai told a news conference yesterday. Orchid Group was established in 1997 and developed low-rise homes, both detached houses and townhouses, under the Orchid Villa brand on Bang Na-Trat Road.
Phankid said Downtown 49 was its first condominium project, established after the company saw strong demand for condos. The project has a starting price of Bt2.79 million per unit.
He said the company also planned to develop a new detached-housing project on Bang Na-Trat Road and a condotel project in Cha-am after it has sold out Down Town 49, targeted for the middle of next year.
Down Town 49 has sold about 20 per cent of the total project value.
Phankid said the company had undeveloped land both in Bangkok and upcountry, especially Cha-am district in Phetchaburi province and Hua Hin district in Prachuap Khiri Khan province. The company’s business strategy will focus on low-rise homes with about 75 per cent of total sales and the rest condominiums.
