Areeya Property has big plans for the rest of 2016. The developer will launch 11 new residential projects during this time including a showpiece development on Ratchadamri Road. Other locations for these projects include On Nut and Ratchaphruek Road.
The total value of the projects come in at THB20 billion. Honorary chairman Viwat Lauhapoonrungsi told media that nearly 80 percent of the combined value of these new projects would be generated in the inner city. Among the projects is a single-house development on Sukhumvit Soi 77 that will have a total of 98 units once completed.
Chalermnit by Areeya is located on Sukhumvit Soi 53 and will also be launched some time this year. The eight-story condominium will have 125 units and is worth THB1.35 billion. However, it is Soontreeya that is the highlight of the company’s 2016 launches. The luxury condo is valued at THB12 billion and is situated on Ratchadamri Road at the former site of the American University Alumni Language Center. The property will have 308 units and is currently being planned.
“We have not concluded a deal with the Chinese contractor, Shanghai Construction Group, and have not yet decided whether to form a joint venture, as the Ratchadamri project will be large,” Viwat explained. “Project design is under way and we want it to be a new Bangkok landmark.”
Areeya, which normally focuses on developing projects in northern and eastern Bangkok, has decided to expand its reach and will launch six projects in southern Bangkok. Kanchanaphisek Road and Ratchaphruek Road will be among the locations for the new developments.
At the moment the developer has 22 housing projects with THB3 billion in unsold units available. The company is also planning to spend THB600 million on new plots of land this year and plan to develop them in 2017.
