Central Pattana Plc’s residential development company, CPN Residence Co, is ready to invest in the provinces and will launch 3 new condo projects and an upscale detached-housing project next year worth a combined total of THB2 billion, reports local media. The company will also launch a project in Bangkok as part of its plans.
The reason the company is so bullish on the provinces is that the purchasing power of home buyers in the middle to higher-end markets here is still strong. There is currently real demand for condos among younger people outside of Bangkok who want the same level of convenience found in the city.
“A condo with the proximity to a shopping centre can meet requirements of both real buyers and investment buyers who can rent out their units,” says CPN Residence Co Managing Director Kree Dejchai to the Bangkok Post.
One of the new residential projects is going to be a detached-housing estate with unit prices starting from THB10 million. The developer is already planning to launch 2 new condo developments in Northern Thailand under its Escent brand. These are worth 1.5 billion combined.
The 1st is Escent Ville Chiang Rai which will be located close to CPN’s CentralPlaza Chiang Rai retail centre on Phahon Yothin Road. The condo will have a couple of 8-storey buildings and a grand total of 320 units. Prices for these will start at THB1.49 million. The 2nd project is Escent Ville Chiang Mai and is worth THB900 million. It will be located near the CentralFestival Chiang Mai shopping complex and will have 450 total units. The developer also has several projects where it will begin transferring units next year.
“We are checking qualifications of buyers at 4 condominium projects in Rayong, Chiang Mai and Khon Kaen and expect to transfer the units by February next year. We aim to realise THB3 billion from them,” says Kree.
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