While there is currently an oversupply of condos along Purple Line, that isn’t stopping Origin Property Plc from launching a new condo project on Rattanathibet Road in June. The company is bullish that it will be able to sell 700 units at the project by lowering prices.
In an attempt to convince buyers its projects are different than others along the Purple Line, Origin Property is offering different pricing and using designs that are similar to other projects it has developed in the area.
“There are many condo projects with a lot of unsold units in this location but none of them offer a floor-to-ceiling height of 3 metres, only 2.3-2.5 metres. There is demand but the availability of supply should be able to further attract buyers. Different designs can help sell our project despite the abundance of supply in the market,” says Origin Property Chief Executive Peerapong Jaroon-ek.
The developer’s newest project along the Purple Line is Notting Hill Skyscraper Central Rattanathibet which will be launched next month. The project is valued at THB 2.5 billion and will be located on a 3.75-rai land plot on Rattanathibet Road. It will have a total of 1,079 units and Origin Property is expected to release 700 units for sale.
There are plans in place to lower prices for these 700 units with Origin Property offering them for THB 55,000 per sq. metre. After these have been sold, prices for the remaining 379 will be increased, but those prices have not been set as of now.
Origin already has a pair of condo projects on Tiwanon Road, near the Purple Line, that have recorded an average sales rate of 60-70 per cent. Both are located close to the Ministry of Public Health station and were launched in the past 2 years.
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