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The Taiwanese developer Fragrant Property Co plans to continue its investment in Thailand with a projection to spend one billion baht in the second half of this year to acquire land plots for future developments, according to managing director James Duan.

The company is now developing the five-billion baht The Circle with 70% of the condominium units sold, and the 1.3-billion-baht The Prime 11 with 90% sold. It expects to close sales of both projects within this year.

Mr Duan admitted that sales late last year were affected by the slow growth in the Thai property market but the company was able to start construction faster than scheduled so it had no problem during the current situation.

Believing that the economic crisis will have a strong impact on both premium and low-end consumers, Fragrant Property will carry on with its policy of offering units in a price range between three million and 20 million baht in the central business district.

Mr Duan said the company would not rush its investment due to the overall unfavourable outlook of the property market, but it hoped to see a faster recovery in Asia, starting with China, and Thailand should follow soon.

“The group believes in the long-term revival of the Thai property market. Fragrant still plans to distinguish its concept away from the rest of the crowd and is looking to invest further in key CBD areas,” he said.

Fragrant Property also views that the acceleration of government budget disbursement and economic stimulus measures would likely to revive purchasing power in the longer term.

It hopes that the opening of the Airport Link, expected in August, will help push sales of its remaining 250 units at The Circle condominium located close to the main terminal.

Therefore, the company plans direct marketing and events to build brand awareness in the second half, as it expects to see a recovery by that time.

Bangkok Post Jan 20, 2009