Developers upbeat on demand, from Nana to Soi Thong Lor

Meanwhile, land for sale in the area is limited, with the last deal for undeveloped land, on Sukhumvit 39, showing a high price of Bt1.5 million per square wah (Bt375,000 per square metre) for a plot purchased from a listed property firm, SC Asset Corp chief operating officer Kree Dejchai said yesterday.
SC Asset remains confident that demand for condominium projects on Sukhumvit will continue to show strong growth, he said, adding that most of the more than 10,000 units put on the market since 2010 have been sold.
According to a survey by the company, the current supply of condominiums from Nana to Thong Lor is fewer than 1,000 units, which means the market can absorb more project launches in the area.
“Our research shows that demand averages 50 units a month from domestic buyers as well as foreign purchasers, who are expanding their investment in Thailand and using Bangkok as a base to expand their business when the Asean Economic Community [AEC] comes into effect in 2015,” Kree said.
Following the market trend, SC Asset has decided to introduce the latest condominium project in this location, The Crest Sukhumvit 34, which is worth Bt2.2 billion. The project is focused on the luxury market by offering an average price of Bt160,000 per square metre.
The Crest Sukhumvit 34 comprises only 265 units, 50 of which have already been sold after the company’s Singapore roadshow for the project last week. Sales to date are worth Bt550 million.
“Many of Singapore’s businesspeople are interested in buying a condominium on Sukhumvit Road, and are purchasing as a second residence for when they expand their business in the AEC,” the executive said.
SC Asset’s project will have a grand opening for presales this coming weekend, targeting sales of at least Bt100 million over the period.
Next week, the company will also launch the Bt1.7-billion Centric Sathorn-Saint Louis condominium project on Sathorn Road.
The company will start with a presales offer price of Bt105,000 per square metre, or a starting price of Bt3 million per unit, until the end of the month, after which the price will rise to Bt110,000 per square metre.
The two latest projects form part of SC Asset’s business plan to launch 10 new residential projects worth a combined Bt12 billion in the second half of the year, having already launched six projects during the first quarter. The new projects are expected to drive overall full-year presales to Bt11 billion and revenue to Bt8 billion. Presales came in at Bt4.5 billion in the first half of the year, Kree said.
Meanwhile, Thonglor Seven-teenth, a subsidiary of sugar firm KSL Group, has introduced its latest condo project, the Bt700-million Tidy Deluxe, on Sukhumvit 34, after successfully selling out the Bt300-million Tidy Thonglor last year.
The new project has an offer price of Bt120,000 per square metre, or a starting price Bt3.6 million per unit. The project has only 126 units and will open for booking this weekend.
Thonglor Seventeenth managing director Tossaporn Saksanguanma-noon yesterday said demand for condominiums around Sukhumvit had continued to grow, as evidenced by the company’s success last year with its first project on Thong Lor.
Tidy Thonglor transferred Bt50 million worth of units to customers last year, with the remaining Bt260 million worth to be handed over this month, he said.