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Name : Bangkok Horizon Lazi
Developer : CMC Co.,Ltd
Project Description : 26 Storey Condominium Tower
Location : Narathiwas Road
Launch : July 2012

 

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CMC stretches its construction period
Published: 29/06/2012 at 07:53 AM
Newspaper section: Business


Due to a labour shortage, the medium-sized developer Chaopraya Mahanakorn Plc (CMC) has chosen to extend its construction period by three or four months instead of paying extra wages and hunting for more workers.


The Bangkok Horizon Lazi will occupy 642 square wah on Narathiwat Road, featuring 267 units for 80,000 baht a square metre.

Managing director Wichian Padhayanun said the extended construction period creates easier management, particularly during the final process when most contractors leave the job.

"Some contractors do not complete additional untidy jobs after construction is complete and the unit is being transferred to customers," he said.

The construction extension is agreeable to most customers, as it lets them extend their down payment period.

Though the extension means higher interest for the company, it is within a suitable framework and the increased amount is not high as the loan would be if used in line with construction progress, said Dr Wichian.

CMC has 20 projects worth 7 billion baht that were launched in the past three years. About 70% of this supply has been sold.

The firm will pay 1 billion baht for six plots in Bangkok next year on which to develop five condominium projects near existing and under-construction mass-transit lines along with a low-rise housing project in the Ratchaphruek area.

One of the condos will be a high-end project in the inner city.

CMC is looking at Sathon, Narathiwat, Phahon Yothin and Ratchadaphisek roads to buy a two-rai plot for 300 million baht.

The plan is for 400 units ranging from 48-120 square metres and priced at 120,000 baht per sq m.

Project value will be 1.5 billion baht.

For the rest of the four condominium projects, CMC wants to buy land for less than 400,000 baht per square wah in the Sukhumvit Road area, planning to develop units priced at 100,000 baht per sq m.

If the land is in other areas, then the price should not exceed 200,000 baht per sq w for units priced at 70,000 to 80,000 baht per sq m.

CMC will launch three new projects in the second half of this year _ on Ratchadaphisek Soi 20 in Huai Khwang district worth 180 million baht, Narathiwat Road (900 million baht) and Krungthep-Non Road (1.2 billion baht).
 

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