Pruksa plans Chapter One close to Chula
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Having sold out the Bt2-billion Chapter One: The Campus Kaset condominium within just two and a half hours last week, Pruksa Real Estate plans to launch the latest in the series at Kasemson 3 - close to Chulalongkorn University - on September 9.
The Chapter One: The Campus at Kasemson 3 project will also be worth Bt2 billion.
The listed company’s managing director for condominiums, Prasert Taedullayasatit, said demand to buy condos in projects close to universities was strong, with many families opting to purchase a place for their son or daughter to stay when are undertaking their study courses.
“This market segment still has real rather than speculative demand, compared with other parts of the market,” he said.
The company sold all 783 units of Chapter One: The Campus Kaset within two and a half hours, but this left the majority of the 3,000 people that had registered to book a unit disappointed.
This means there is still demand to buy condominiums located close to Kasetsart University, with around 2,300 people now on the company’s waiting list in the area, said Prasert.
“Land for developing condominiums near to Kasetsart University is limited and we cannot find a plot in the area to develop a new project to support this demand,” he added.
On the positive side, Pruksa will introduce the same concept at the new location close to Chulalongkorn University next month. The Bt2-billion Kasemson 3 project will also comprise about 800 units.
Prasert said the upcoming launch of the Chapter One: The Campus at Kasemson 3 project should enable the developer to achieve full-year condominium sales of Bt11 billion. Pruksa recorded presales worth Bt8 billion in the first eight months of the year.
Meanwhile, the firm will transfer two condominium projects, the Tree Bangpo and Urbano Absolute Sathorn – worth Bt5 billion combined – to customers over the rest of the year. The transfers will generate substantial second-half revenue for the company.
“Our target is to be the market leader for condominium projects by 2017. We currently have a nearly 10-per-cent share of a market valued at about Bt70 billion,” he said.
