ASTRO, 37 Storey : Nonthaburi Name : ASTRO Sole Agent : NEXUS Co.,Ltd Project Description : 37 Storey Condominium Tower Location : Diagonally opposite Central Chaeng Wattana, Chaeng Wattana Road Launch : September 2010
credit: www.kobkid.com Condos a topping for Cremo
Published: 20/08/2010 at 12:00 AM
Newspaper section: Business
After three decades in the ice-cream business, Cremo manufacturer Chomthana Co is diversifying into property by investing about 1 billion baht to develop its first condominium next year.
The 1.2-billion-baht Astro condominium will be developed by subsidiary A-Star Property Co, which was set up in January with registered capital of 120 million baht.
Soh Chee Yong, the company's president, said the building would be located on a two-rai plot, formerly a Cremo factory, opposite Central Chaeng Watthana.
The company sees potential in the location with demands from people working in the huge new Government Centre and plans for new mass transit including a BRT line to serve the fast-growing area.
Mr Yong said that eight condominiums with around 900 units had been launched in the Chaeng Watthana area and 90% of the units were sold. Astro is among three developments with a total of 2,300 units announced in the area in the second half.
The 37-storey building will house 484 units sized from 28 square metres and priced from 1.29 million baht. Construction will start early next year and is scheduled to be completed in 2013 with 70% of the funding from bank loans and the rest from the company's capital.
"After our success in the current business, we have started exploring other different investment opportunities and have found that real estate in Thailand is an interesting and attractive segment," he said.
Mr Yong has witnessed huge sales growth in housing market and the changes in people's lifestyles as well as smaller family sizes. People also are moving into and working in the city, resulting in rising demand for condominiums.
The company expects a good response from potential customers who live in the area and plan family expansion, as well as government officials, expatriates and retirees.
Nalinrat Chareonsuphong, managing director of Nexus Property Marketing Co which manages sales and marketing for the project, said registrations for Astro would open from Monday to Wednesday for bookings on Sept 5 at Central Festival Chaeng Watthana.
Mr Yong said the main business of Chomthana would continue to be food, with this year's sales projected at 1.1 billion baht, up 10% from last year. Apart from Cremo ice-cream, the company plans to expand into frozen baked goods.
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