SET-listed Central Pattana Plc with its residential development arm, CPN Residence Co., affirms its success in the provinces as it plans to construct an upscale detached-housing project and three new condominiums worth a combined 2 billion baht in 2018. It’s newly constructed Bangkok residence intended for young adults in Thailand.
According to KreeDejchai, managing director of CPN, homebuyers in the high-end and middle markets outside Bangkok can afford to buy these residences. He views a real demand for condominiums among younger people who prefer nothing but convenience.
“The condominium is near the vicinity of a shopping centre that will meet demands of both investment buyers and real buyers who plan to rent out their units,” he continued. Like most condominium buyers, they want to settle in an area where everything is accessible.
One of the new residential projects, he said, will be a detached-housing estate with units priced at 10 million baht. A condominium project will also be situated in Bangkok.
In the year 2022, CPN Residence should have around 10 billion baht in income with two-digit annual growth in the coming five years. This can mean a lot of sales just for buying a Bangkok Residence in the area.
For this month, CPN Residence will launch two new condominiums tagged at a combined price of 1.5 billion baht under the Escent label in northern Thailand.
Worth 600 million baht, Escent Ville Chaing Rai will be situated near the CentralPlazaChaing Rai on PHahonYothin Road. The two buildings will have eight storeys with 320 units tagged at 1.49 million baht each.
Worth 900 million baht, Escent Ville Chaing Mai will be situated in the same area as CentralFestival Chiang Mai. The two buildings will have eight-storeyswith 450 units tagged at 1.95 million baht each.
“We are somehow reviewing qualifications of our homebuyers in the three condominium projects in KhonKaen, Chiang Mai and Rayong and hope to hand over the units by February 2018,” said Mr. Kree. “We plan to materialize 3 billion baht from these people.”
Looks like the market for a Bangkok residence is higher and many homebuyers will surely be interested and challenged to buy it.