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Name : The Preston
Location : Sukhumvit 43
Project Description : 33 Storey Condominium Tower
Expected Launch : August 2008
 

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ผมรู้สึกว่าที่ตรงนี้ทะลุออกซอยพร้อมมิตรของสุขุมวิท 39 ได้เหมือนกับ Via Botani ของเเสนสิริที่ทุละซอย 47 กับ ซอย 39
 

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Developer plans luxury condo in suspended building

Published: 23/08/2012 at 07:48 AM
BANGKOKPOST : Business


V Property Development Co Ltd, a relatively new player in the market, has paid 250 million baht for a suspended building on Sukhumvit Soi 43 to develop a 1.9-billion-baht luxury condominium.


Mr Pornchai poses with a model of the planned H Sukhumvit 43 condominium project. After healthy presales, he expects 90% of the units will be taken by year-end.


Chief executive Pornchai Lertanantchoke said the building, located on 451 square wah, had been intended as a high-rise serviced apartment complex.

But the former project owner faced financial difficulties in the wake of the 1997 crisis, and construction was halted after just the underground car park was built and foundation laid.

V Property will be able to continue development, as the construction permit for high-rise residential building came with the suspended building and its structure was declared sound by an engineer.

"We bought it three years ago but just recently finished clearing the property's debts and coming up with a design for the new project. We decided on a stack design," said Mr Pornchai.

To enlarge the project space, the company bought an adjacent 300-sq-w plot for 500,000 baht per sq w.

The 32-storey H Sukhumvit 43 will comprise 276 condominium units sized 39-50 sq metres priced from 110,000 baht per sq m.

Construction will be completed by the end of 2014.

Since presales began two weeks ago, V Property has sold 30% of the units, as the presale price of 107,000 baht per sq m is lower than others in the same area.

It expects to have 90% sold this year.

"As the company is new, it's best to focus on pricing," said Mr Pornchai.

He said soaring land prices, last year's floods, mass transit lines, heightened investor interest and the upcoming Asean Economic Community are all serving to make condominiums a growth sector.

The company will also develop a 1-billion-baht condo project on a one-rai site on Ratchaprarop Road next year, with unit prices of 100,000 baht per sq m.

V Property was established in 2009 with registered capital of 230 million baht by the second generation of Sapphire Holding Co Ltd, the 40-year-old jewellery import and export group.

That company shifted to property after the jewellery business slowed in line with the recent global economic crisis.

"From now on, we'll focus more on property development, launching one project worth about 1 billion baht every year or two," said Mr Pornchai.

V Property plans to increase property revenue to 70% of the total in the next three years from 20% now.

Making up the rest will be jewellery sales, which generate 500 million baht a year.
 
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