Bangkok Apartment | Bangkok Serviced Apartments | Bangkok Condos

Ananda secures two more prime sites

Saturday, 09 August 2008

source: Bkk Post Aug 4 2008 Units at the Ideo Verve condominium in Onnuj will be priced at 90,000 baht per sq m. After acquiring two three-rai sites close to the Onnuj BTS station and the Makkasan Airport Link station for a total of 800 million baht, Ananda Development Co plans to launch two Ideo Verve condominiums worth a combined 3.8 billion baht in mid-August, says chief executive Chanond Ruangkritya. "Location is the key success factor," he said. "Our newly launched projects this year are closer to the exits [of stations]. Now the closest is only six metres." The Onnuj plot is close to the Onnuj BTS station and the Makkasan site will have a station exit in front of it. The Onnuj plot, formerly rental space for a fresh market, cost 330,000 baht per square wah and the Makkasan site 350,000 baht per square wah. The company will soon open presales of the 1.8-billion-baht Onnuj project and the two-billion-baht Makkasan building, with around 400 units each, priced at 90,000 baht per square metre. "We will sell 70% of each project and keep the rest to sell after project completion so the prices can be raised," said Mr Chanond. To date the company has spent 70 million of the 100 million it gained last year from its overseas investor, Primerica Real Estate Investors, to develop 14 condominiums launched since early 2007. In the first half of this year, it recorded five billion baht in sales and expects to generate 10 billion for the full year. Mr Chanond said locations near Suvarnabhumi airport would also be popular once the Airport Link begins running next year. Ananda will launch the Java single-housing estate on a 50-rai site in the area, with 210 units priced from 5-7 million baht in the fourth quarter. Ananda is the largest low-rise developer in the Bang Na-Suvarnabhumi area with seven projects in hand, comprising a total of 4,000 units worth 12 billion baht for development over five years. Since it launched its free-stay campaign in mid-July 2008, it has sold 20 of the 150 units worth 500 million baht offered under the promotion. Because property-market market sentiment is unfavourable at present, Mr Chanond says concrete sales incentives are needed to persuade hesitant buyers. The campaign offers homebuyers a free stay for one to two years, depending on unit size and price. The company will pay 2.25% of the interest rate for a first year and 4.5% for a second year to its partner Krung Thai Bank. This will cost the company around 8% of the unit price.

 

< Prev		Next >