Grand Unity Development has decided to focus on condominium projects once again as Univentures, the developer’s parent company, hopes to generate stable revenue from all of its subsidiaries. The company will launch three new condominiums in 2016 worth a combined total of THB4.2 billion.
The developer only launched one project in 2015. That was on Vibhavadi Rangsit Road in the Ratchayothin area. President Worawat Srisa-an said that the reason Grand Unity decided to take a step back from condo projects is that it was waiting for environmental impact assessment approval for its new project.
Condo launches from Grand Unity were postponed last year as the company realized that it would not be able to benefit from the government’s property tax incentives. Since those only helped out completed and nearly completed projects rather than new ones, the developer came to understand that it would not benefit them to launch any projects.
“During the past few years our performance was volatile. In some years, our growth leapfrogged in part because of gains in the property sector,” Worawat said. “But the parent firm UV (Univentures PLC) wants its subsidiaries to have sustainable growth, so we are aiming for growth of ten to 15 percent per year.”
The developer has recorded THB560 million in pre-sales during January and February. Grand Unity is targeting THB800 million in pre-sales in the first quarter of this year which is 15 percent less than what they earned in 2015.
The first project launched by Grand Unity this year will be located in the Kasetsart-Nawamin area. The eight-story condo will contain a total of 444 units. The company will also spend THB900 million this year on new land plots to build two more condominiums but no further details have been revealed as of yet.
