Pattra House and Property has decided to enter the condominium market in response to changes in consumer behavior. The developer had focused exclusively on low-rise housing projects in the past with projects in Pathum Thani, Nonthaburi, Chon Buri and Phuket.
The company will launch five new residential projects in 2016 worth a combined THB1.5 billion with two of those being condominium developments. This is the first time in the company’s 35-year history that they will build a condo. “New generation homebuyers prefer condos in the city to single houses or townhouses in outlying areas, as the mass transit lines changed their behavior,” said president Chanvit Wipoosiri.
Of the new condo projects, one will be located along Sukhumvit with another one out in Chaengwattana. Motive Condominium Chaengwattana will stand seven-stories and be worth a total of THB250 million. The project will be built on a one rai plot of land located on Chaengwattana Soi 10 and have 130 units. Pattra House and Property is targeting people who work at the Government Complex to purchase units at the development and prices start at THB1.57 million per unit.
Motive Condominium Sukhumvit 115 will feature 73 units and prices there will start at THB1.49 million per unit. The total value of the development is THB150 million. “The markets for single houses and townhouses in the outskirts are not as good as in the past,” Chanvit stated. “We aim to have 30-40 percent of revenue from condos, with the rest from low-rise development.”
Pattra House and Property will also move into the luxury housing segment after the company purchased a 200 sq. wah plot of land on Sukhumvit Soi 31 that cost THB88 million.The company explained that it will develop single houses starting at THB40 million per unit. The project is expect to launch some time in 2017.
Image: Motive Condominium Chaengwattana
