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Condos tap urban demand

Two SET-listed developers, L.P.N Development Plc and Asian Property Development Plc, are launching condominium projects to tap demand from the growing number of homebuyers opting for city lifestyles. This weekend, L.P.N will launch its 1.2-billion-baht Lumpini Ville Ratburana-Riverview. The project, on a five-rai plot on Rat Burana Road, has two buildings with 29 and 31 floors with a total of 1,028 units ranging from 26 to 28 square metres. Unit prices start at 999,000 baht. There is still strong demand for condominiums priced about 1 million baht, said Opas Sripayak, managing director at L.P.N. The success of the firms's recently launched project in Rarm Indra-Navamin area is proof of this, he said. The company has launched the project to piggy-back the extension of the business district to Rat Burana. AP has instead chosen to concentrate on locations close to mass transit routes. Its new 1.5-billion-baht Life@Lat Phrao 18 will be only 150 metres from MRT Lat Phrao station. The 32-storey project will house 457 units, starting at 35 sq m and priced from 2.63 million baht. The developer's projects in the pipeline include The Address Phayathai on Si Ayutthaya Road close to Phayathai BTS Station and the new Airport Link. The 33-story building will offer fully furnished units from 38 sq m, costing more than 4 million baht. The property market's first-half performance was better than predicted, with many listed companies recording better-than-expected revenues, said Visanu Suchatlumpong, chief marketing officer at AP. The company's sales are back to normal, he said, at 5.2 billion baht in the first half of this year as consumers became more confident about the economy. L.P.N shares closed yesterday at 4.68 baht, down 10 satang, in trade of 64 million baht. AP shares closed at four baht, down 18 satang, in trade of 72.8 million baht.

 

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