Pruksa Real Estate has big plans for this year. The company will launch 72 new residential projects worth THB 60.8 billion in 2017, reports local media. There will be 39 townhouse projects, 20 single detached house complexes and 7 condo projects.
There will also be 6 premium residential projects launched by Pruska worth THB 9.9 billion. This is the first time the company has developed such a project. Among the premium residential launches is The Reserve Thong Lor. Pruska is expecting to launch this development during the first quarter.
Prasert Taedullayasatit, President for Pruksa’s premium business, tells the Bangkok Post that residential projects in the low to middle-end segment will continue to be company’s core segment. However, he adds that Pruksa needs to look into the higher-end segment since these buyers have higher purchasing power and lower loan rejection rates. The developer expects premium projects to represent around 30 per cent of Pruksa’s revenue some time between 2019 and 2021.
“The residential projects priced THB 2.5-6 million per unit are for middle to low-end segment, but Pruksa’s premium projects are positioned above THB 7 million,” says Prasert. “Projects priced below THB 2 million are now very hard to be sold in Thai market because potential buyers are likely to be rejected for bank loans.”
The property market in Bangkok and surrounding areas is expected to increase in value by 5 per cent this year to THB 379 billion. The growth will be driven by the government’s 43 new infrastructure mega-projects worth THB 1.77 trillion.
“The 10 mass transit routes in Bangkok and surrounding provinces are under construction and I expect the construction will be completed over the next 5 or 6 years and boost up the property market over the next 10 years,” says Pruska Chief Executive Thongma Vijitpongpun.
Source: image from pittistudio.com
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