Thong Lor remains popular for new condos
Although the condominium inventory in Thong Lor has passed 300 units, property firms keep developing projects in this swank Bangkok neighbourhood as they believe that demand is still growing for both occupancy and investment.
“Up to 30 per cent of buyers at [Sukhumvit] Soi Thong Lor are interested in renting their units to achieve a return on investment of 7-12 per cent a year,” Sahatchai Kwancheun, executive vice president of Harrison Plc, said yesterday.
AK Property Co, a subsidiary of KP Group, which diversified from textiles to construction and development in 2007, has embarked on its first condo project, Art @ Thonglor, worth Bt490 million after the group succeeding in selling three condo projects in Samui and Phuket since 2007.
Managing director Amrit Srikuruwan said the company decided to locate its new project in Thong Lor when it saw strong demand from both domestic and foreign investors, especially for one- and two-bedroom apartments with usable space of 30-70 square metres.
Art @ Thonglor will offer only 102 units at a starting price of Bt3.45 million per unit or Bt105,000 per square metre, which is lower than the average Bt120,000-Bt150,000.
“Half of our customer target is domestic investors and the rest foreign investors,” he said. The environmental impact assessment is pending approval and the building permit is expected to come out in the first quarter of the new year. Construction will commence that quarter and will be completed in the last quarter of 2014.
“We also plan to launch one or two projects a year that will generate annual revenue of Bt200 million,” he said.
Early this year KPN Lifestyle Co rolled out The Capital Ekamai-Thonglor with 281 condominium units worth Bt1 billion. Big Tree Estate Co introduced The Tree Condominium Ekamai-Thonglor with 119 units worth about Bt500 million.
