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Aquarius freezes 2009 launches

Friday, 03 October 2008

source: Bangkok Post Sept 30 2008 The property developer Aquarius Estate Co plans no more launches of new projects next year as it will focus on developing and marketing its latest condominium in the Sukhumvit area. Chief executive Yongyutt Chaipromprasith said the company wanted to make certain that Aequa, its new 1.3-billion-baht condo, would be finished on schedule before it decided to develop new projects.Aequa, the company's second development, is a 28-storey condominium located on a 1.2-rai plot on Sukhumvit Soi 49 near the Thong Lo BTS station. The project will comprise 153 units sized from 54 to 180 square metres. Unit prices start at seven million baht or 130,000 baht per sq m. Construction is scheduled to start in March next year and is expected to be completed in February 2011. The project, which received a 500- million-baht loan from Siam Commercial Bank, recorded presales of 70 units worth 700 million baht after its soft launch early this month. The company plans to set aside 20 units for sale after the project's completion as it expects the price to increase to 200,000 baht per sq m by then. "Currently, there are some condo projects in the area that sell at 170,000 to 250,000 baht per sq m, so there is a chance for our prices to go up to 200,000 baht in three years," said Mr Yongyutt. He said Sukhumvit was a worthwhile area to develop a property project despite current economic uncertainties. It is still a highly popular area for people who want to buy condos for living. "The global financial crisis will hardly affect property projects in the area since the main targets are Thais and Japanese," said Mr Yongyutt. Aquarius is currently managing eight projects worth a combined 12 billion baht. It has also recently signed a management contract with two new clients to manage property projects in Bangkok. The deal will be announced soon

 

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