The listed-developer Eastern Star Real Estate Plc has shifted the location of it projects from Rayong to Bangkok with the launch of five residential developments worth a combined 5.18 billion baht, according to managing director Sahat Tantikun.
He said the business expansion was being supported by the company's new investor, the Sunrise Group, which is comprised of Sunrise Equity Co Ltd, Bangkok Broadcasting & TV Co Ltd and GL Assets Co Ltd.
The group has gradually consolidated its holding in Estar shares and now controls 54.23% of the company's shares. The major shareholder of the Sunrise Group is Krit Rattanarak, who is also a major shareholder of Bank of Ayudhya.
``Our business will be geared up as the new investors are financially strong and have connections with banks. Their experience can also be useful to us,'' Mr Sahat said.
Mr Sahat said the company planned to build up the Star Estate brand for the development of middle-to high-end residential projects.
Eastern Star is also looking to enter the low-end market to increase product variety but those projects would be developed under a different brand name.
The new projects include two condominiums located on a three-rai site on Rama III and on a four-rai area on Narathiwas Road.
The Star Estate @ Rama III, with 277 units priced between 1.9-8 million baht, will have a soft opening in May. Construction of the project is now 30-40% complete and is slated to be finished by the second quarter of 2006.
The construction of the Narathiwas project will begin this month. The first phase, worth 1.53 billion baht, will have a total of 211 units priced between four and 23 million baht.
Another project planned is a luxury housing development comprised of 57 units on a 24-rai site in Soi Pattanakarn 69. Eight units are scheduled to be complete by June and sales will begin in August. The costs of the units will be from from 16 million to 27 million baht.
Estar also plans to launch phase two of the Narathiwas project worth 508 million baht and a single-house project on Onnuj Road by next year.
ESTAR shares closed on Friday at 0.50 baht, down 0.02 satang, in trade worth 1.95 million baht.
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