7 launches set as developer cashing on condo demand

This is part of the property firm’s target to achieve presales of Bt16 billion by the end of the year after seeing presales worth Bt6 billion in the first five months.
Chief executive officer Tikham-porn Plengsrisuk said yesterday that LPN was launching three projects this month worth a total of Bt6 billion. They are on Prachachuen, Srinakarin-Bang Na, and Rattana-thibet roads in Bangkok. The next four projects, worth about Bt4 billion, will launch in the second half. Two of them will be in the provinces, likely Chon Buri or Prachuap Khiri Khan’s Hua Hin.
Meanwhile, the company’s subsidiary Pornsanti Co also plans to launch three new townhouse projects worth Bt1.2 billion each in the second half after receiving positive feedback from two such projects launched in the first half of the year, Pronsanti managing director Somsri Techakraisri said.
LPN has kicked off a marketing campaign to celebrate its 23rd year by offering special loan packages on condominiums costing Bt1 million. Customers will pay instalments of only Bt5,000 a month for 55 months, after which they will pay the instalment rate set by the bank holding the mortgage. Overall, this deal will save buyers Bt240,000, including transfer and mortgage fees.
This campaign is called “Lumpini Big Shock” and will run from June 21-24 at Queen Sirikit National Con-vention Centre in Bangkok. It will apply to six condominium projects: Rama III, Chaeng Wattana-Pak Kret, Pattanakarn-New Phetchaburi Road, MegaCity-Bangna Phase 1, Ram Indra-Ladprakrown, and Sukhumvit 109-Bearing. They combine 3,000 units worth Bt4 billion.
LPN has joined with four commercial banks to provide mortgages for this event: Bangkok Bank, Kasikornbank, United Overseas Bank (UOB), and Government Housing Bank.
“We target sales of about 70 per cent of the total, or about Bt2.8 billion worth, from this event,” managing director Opas Sripayak said.
This is part of the company’s effort to achieve presales of Bt10 billion in the first half of the year.
“Although most leading property firms have been interested in developing condominiums costing less than Bt2 million, we believe that our experience in this segment in the long term, 23 years, guarantees that our customers will get homes that match their demands,” he said.
He added that after last year’s floods, many people were looking to buy condominiums as second homes, resulting in a resurgence of this market. LPN believes that the market will see growth of 5-10 per cent for the rest of the year, especially in locations close to the mass-transit system.