St. John’s group of schools will have its property arm, Salan Development Co, launch a low-end condo project valued at THB 1.2 billion, local media reports. The project will be on Phahon Yothin Soi 23 and is scheduled to be constructed on a land plot it owns in the area.
The company has built up a land bank of 11 rai on Phahon Yothin Soi 23 during the past 20 years. It has set aside 5 rai to develop Poly Place Condo @ Phahon Yothin 23 where units will be priced from THB 1.8 million. There will be multiple 8-storey buildings at the site and there is going to be 553 units when the project is completed.
“We can offer low unit prices because our land cost is low. We will develop our land plots, formerly used for schools, and use the profit from property development to develop new schools in the Bang Na area,” says Chainarong Monthienvichienchai, Chairman of the Board, to the Bangkok Post.
The company had originally planned to launch the project in October of last year but pushed it back to March due to the mourning period. Despite no official launch for Poly Place Condo @ Phahon Yothin 23 taking place, the project has earned 50 per cent sales at 2 of the main buildings with 350 units having been purchased.
Salan Development will consider keeping a hold of the rest of the units and use them for recurring income. The property arm of St. John’s schools made news when launching its 1st condo project in 2014, The Saint Residences had a trio of 41-storey buildings and 1,500 units near the Lat Phrao intersection. The project is worth a total of THB 10 billion and can be found on a 7-rai plot of land. The developer has already sold some 30 per cent of units at the project.
Featured Image: www.knightfrank.co.th
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