The Thai government recently decided to continue with the development of the Eastern Economic Corridor which will see a number of industrial estates built in the provinces of Chon Buri, Rayong and Chachoengsao. For residential developers, this comes as good news as they will now be able to launch projects along the eastern seaboard to accommodate the predicted upswing in demand.
Developers in Chachoengsao and Chon Buri are a combination of local companies and those from Bangkok looking to expand their presence outside of the city. Marui Real Estate is one developer who is set to take advantage of the Eastern Economic Corridor coming into effect.
“We have about 2,000 rai of land in Chon Buri and Chachoengsao. We plan to develop six residential projects worth up to THB3.87 billion there this year and in 2017, thanks to strong residential demand in the eastern region following the government’s policy to develop the eastern area into a new economic corridor,” Navanat Sukhamongkhon, said chief executive officer of Marui Real Estate. “This will boost residential demand in this location.”
Pruksa Real Estate revealed that it is also interested in launching more projects in the Chon Buri province. Research from The Nation showed that overall residential demand averages around THB49 billion per year in Chon Buri with nearly 65 percent of condo launches in the region since 2012 coming in Pattaya.
“Chon Buri is a welcome challenge for our business expansion because the province has many industrial estates and is also a tourist destination,” Piya Prayong, the company’s president of value-added products explained. “This results in a workforce wanting homes priced no more than THB3 million per unit.”
LPN Development, Sansiri, Property Perfect and CP Land are all hoping to develop residential projects in the three provinces set to benefit from the Eastern Economic Corridor. Experts are predicting that the region will see a strong increase in demand once the deal takes effect.
