It has been a while since M Thai Group has been active in the residential segment. The private Thai property developer reveals it has plans to invest THB 5 billion in residential projects on a 220-rai plot near Suvarnabhumi airport. According to local media, it has been over 20 years since M Thai Group was active in the country’s housing market.
Veraphong Chutipat, executive director of a subsidiary of M Thai Group, tells the Bangkok Post that 90-95 per cent of the company’s THB 5 billion investment will go to residential project development. The leftover budget will be used on commercial building construction.
M Thai Group’s subsidiary officially announced the first phase of a single-detached house project, Vario Suvarnabhumi, on Srivaree Noi Road in Samut Prakan. The project will include 60 houses and is valued at THB 300 million. Prices start at THB 4 million per unit.
Construction at Vario Suvarnabhumi is already 50 per cent complete with the company saying it has recorded presales of 30 per cent. The first phase is expected to be finished during this year.
The developer has long been studying the feasibility of developing the area adjacent to Suvarnabhumi Airport, Bangkok’s main airport, before finally deciding to act. The area could become more popular between now and the end of the decade after the government approved an expansion plan that will see the amount of passengers it can handle significantly increase.
Veraphong predicts that the number of foreign tourists to double to 60 million once the airport expansion is finished and believes population and economic flows will also increase.
“The company will focus on the Suvarnabhumi area to become a residential centre,” says Veraphong. “And once Vario Suvarnabhumi is complete, the new single-detached projects will be ready to kick off.”
M Thai Group was founded in the 1960’s but only developed eight property projects from 1986-2010 with none of those being residential projects.
Source: image from www.variolife.com
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