With the property market in Thailand showing signs of a recovery, Pruksa Real Estate saw presales at its high-end projects surpass expectations in the 1st quarter and believes it will see strong presales throughout 2017 as sentiment improves.
The company brought in THB 4 billion in presales from its premium projects in the most recent quarter and has already seen an entire luxury development sell out. Pruksa is expected to launch 6 high-end residential projects that have a combined value of THB 9.9 billion this year. Of these projects, 5 will be condo developments worth THB 8.8 billion. The company will also launch a single house complex this year.
“We aimed to have 50 per cent sold at each of our new upper-end condo sites, but a project on Thong Lor worth THB 1.7 billion we launched in the 1st quarter was sold out as property sentiment recovered,” says Prasert Taedullayasatit, President, Premium Business at Pruska.
Pruska’s Chapter One Shine Bangpo condo project (pictured) brought in THB 871 million in presales in a single weekend. That total is 54 per cent of the total value of the development which will open in May of this year. Chapter One is situated on a 3-rai land plot on Pracharat Sai 1 Road and has a total of 615 units. It was originally expected to launch in 2016.
“We delayed the launch from last year. If we launched it last year, it might have failed because of poor sentiment,” says Prasert.
There are also 3 other upscale condo projects set to be launched in the second half of the year. These will be located on Pradiphat Road, Sukhumvit Soi 61 and Phaya Thai Road. Pruska’s single house project is located on Kanchanaphisek Road. The company is looking to launch a total of 72 projects in all price segments in 2017.
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