The Crown Property Bureau’s property development arm, Siam Sindhorn Co, hopes to bring in THB 4.5 billion in revenue this year with the cash coming from sales at Sindhorn Residence, a luxury leasehold condo project, reports local media. The project will be the 1st completed development at the company’s Langsuan Village mixed-use development.
Siam Sindhorn is looking to sell all the units at Sindhorn Residence by the end of 2017. There are only 50 units remaining in the luxury project that launched in 2014. The development is located on Langsuan Road and features a 10-storey building and a 35-storey building. There are 202 units at Sindhorn Residence.
The development is 75 per cent sold out with 95 per cent of all buyers being Thai. The majority of foreign buyers have been Japanese business people who live in Japan. Close to 100 units have been transferred to customers this year with most being paid for in cash.
“The next projects we plan to launch will be 2 new condo towers to be opened for sale in the 3rd quarter, worth a combined THB 4 billion. Both, to be completed early next year, will be part of the Langsuan Village,” tells Executive Director Kajohndet Sangsuban to the Bangkok Post.
The 2 projects at Langsuan Village to be launched this year are Tonson Park View Residence and Langsuan Park View Residence. Both projects are low-density and prices have yet to set for units.
The Langsuan Village project will have 4 leasehold condo projects, rental apartments, serviced apartments, an international hotel, an art museum, and a walking street retail plaza when finished, according to local media. Siam Sindhorn is expected to spend THB 26 billion on construction of the project.
“3 years ago we estimated project value at around THB 50 billion, including land costs, based on leasehold valuation. Today it should be higher as there is a new benchmark from a UK embassy plot priced THB 2.2 million per sq. wah,” says Kajohndet.
Featured Image: www.sindhornresidence.com
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