By Andrew Batt:
Ananda Development has signed an agreement to spend THB 825 million for land close to BTS Udomsuk BTS station in Bangkok. The funds will come from the proceeds of the company’s recent Initial Public Offering.
Chanond Ruangkritya, CEO and Founder of Ananda, said” "We are delighted to have signed up this excellent mass transit condominium site within a week of becoming a publicly listed company. Ananda is the current leader in Bangkok mass transit living and we will continue to source attractive land plots near the train stations that meet our internal gross margin criteria of 35 percent. This is just the first of a series of acquisitions planned for the very near term as we continue to execute on the growth plan that we promised to investors at the IPO”.
Located in upper Sukhumvit, the site will see the launch of Ananda’s new value brand, ELIO. The new ELIO brand targets a more value conscious target market who aspires to the IDEO lifestyle and convenience but with a reduced price starting from below THB1 million per unit and an expected average selling prices of approximately THB1.2 million Thai per unit.
The site is some 600 metres from the BTS Udomsuk station and occupys 40,000 sqm. To be launched under the new ELIO brand in three phases; the first phase is expected to be launched in Q1 2013 with completion and transfers expected to commence around Q1 2014.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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