New condo launched
Textile firm expands to land development with Bt3-bn @City project on Sukhumvit
Textile exporters and owners of the Tex-Mart International Group, the Phichitsingh family, has diversified into land development by launching a condominium project worth Bt3 billion on Bangkok's Sukhumvit Soi 101/1 called @City.
Group president Jasvindersingh Phichitsingh said a new company, Siam Home Development, had been established with registered capital of Bt100 million. @City is its first project.
"We have already developed three property projects but they are serviced apartments focused on the higher-income market. Now we are ready to become land developers with our first condominium," he said.
The company plans to develop five condominium buildings covering just over one hectare on a plot totalling 2.7 hectares on Sukhumvit Soi 101/1, about 600 metres from a Skytrain station currently under construction.
The five buildings will eventually offer 799 units. However, the first will contain 168 units and, of these, 60 per cent have already been presold.
The company will open presales for the second building later this month. It has appointed Harrison as its sales agent.
The cost of the entire project is expected to be Bt3 billion. Siam Home Development plans to spend Bt2 billion between now and the first completions in December 2009. Sixty per cent of the investment will be borrowed from banks and the rest will come from the company's cash flow.
"Our textile exports have continued to grow following demand in overseas markets," Jasvindersingh
said. "However, we believe the property market also has potential to generate higher income for our group, so we've decided to develop existing land that we have held for more than five years."
Harrison's chief executive Alan Lin believes that 70 per cent of the project's 799 units will be presold within four months, because @City is located close to the Skytrain and offers lower prices than other condominium projects in the same area.
@City's prices start from Bt1.49 million for a one-bedroom unit with a floor area of 34 square metres.
Siam Home Development's managing director Kuldip Phichitsingh said the company was also planning to develop up to 3.2 hectares of land in the Central Business District as soon as the @City project is successful.
"We expect sales income from our property business to rise by up to 50 per cent from our rental income from our two serviced apartments and rental housing, which now generate up to Bt100 million a year," Kuldip said.
The company has two serviced apartment buildings, on Sukhumvit Soi 23 and Sukhumvit Soi 12, as well
as 17 detached houses for rent at Nichadathani on Chaeng Wattana Road.
Source : THE NATION : June 5, 2007
Textile firm expands to land development with Bt3-bn @City project on Sukhumvit
Textile exporters and owners of the Tex-Mart International Group, the Phichitsingh family, has diversified into land development by launching a condominium project worth Bt3 billion on Bangkok's Sukhumvit Soi 101/1 called @City.
Group president Jasvindersingh Phichitsingh said a new company, Siam Home Development, had been established with registered capital of Bt100 million. @City is its first project.
"We have already developed three property projects but they are serviced apartments focused on the higher-income market. Now we are ready to become land developers with our first condominium," he said.
The company plans to develop five condominium buildings covering just over one hectare on a plot totalling 2.7 hectares on Sukhumvit Soi 101/1, about 600 metres from a Skytrain station currently under construction.
The five buildings will eventually offer 799 units. However, the first will contain 168 units and, of these, 60 per cent have already been presold.
The company will open presales for the second building later this month. It has appointed Harrison as its sales agent.
The cost of the entire project is expected to be Bt3 billion. Siam Home Development plans to spend Bt2 billion between now and the first completions in December 2009. Sixty per cent of the investment will be borrowed from banks and the rest will come from the company's cash flow.
"Our textile exports have continued to grow following demand in overseas markets," Jasvindersingh
said. "However, we believe the property market also has potential to generate higher income for our group, so we've decided to develop existing land that we have held for more than five years."
Harrison's chief executive Alan Lin believes that 70 per cent of the project's 799 units will be presold within four months, because @City is located close to the Skytrain and offers lower prices than other condominium projects in the same area.
@City's prices start from Bt1.49 million for a one-bedroom unit with a floor area of 34 square metres.
Siam Home Development's managing director Kuldip Phichitsingh said the company was also planning to develop up to 3.2 hectares of land in the Central Business District as soon as the @City project is successful.
"We expect sales income from our property business to rise by up to 50 per cent from our rental income from our two serviced apartments and rental housing, which now generate up to Bt100 million a year," Kuldip said.
The company has two serviced apartment buildings, on Sukhumvit Soi 23 and Sukhumvit Soi 12, as well
as 17 detached houses for rent at Nichadathani on Chaeng Wattana Road.
Source : THE NATION : June 5, 2007
