Small property firm launches projects
After observing strong demand for condominiums along Ekamai-Ram-Indra Road, L&T Asset Co embarked on its first project, We Condo, worth Bt2.1 billion.
It has succeeded in selling 40 per cent of the project by value since its launch last week.
Managing director Tosapol Vachiradecha, who is also a shareholder in the retail business Zeer Rangsit, said yesterday that he became interested in expanding into residential projects when he saw the demand in the market.
The company also held land at locations facing strong demand, so he and his friends decided to establish L&T Asset with registered capital of Bt200 million last year.
The company plans to undertake one or two projects a year to serve growth in market demand.
"Although we’re a small property firm, we have experience doing the retail and hospitality businesses, which will also apply to doing a real estate business that matches with customer demand," he said. The company is now applying for approval of We Condo’s environmental impact assessment and its building permit. Construction is expected to commence in the first half of next year and be completed in December 2014.
The project will offer 1,168 units at a starting price of Bt1.29 million.
