There are plans from Major Development to launch 10 new projects during the 2nd half of this year, reports local media. The total value of the projects is THB 15 billion combined and will include an office building, 5 high-rise condos, 2 low-rise condos, a townhouse development, and a single house project.
“This will be the first time since our establishment we are entering the townhouse and single house segments after developing only condo projects. We remain focused on the high-end market,” says Major Development Executive Director Petrada Poolvoralaks to the Bangkok Post.
The priciest project from Major Development will be an ultra-luxury single house project on Thong Lor. The development will have only 10 total units and these will be priced at THB 70-100 million. The units will be pre-built to allow clients to choose from finished units before making their purchasing decision.
The office market in Bangkok continues to be strong and Major Development will also launch a THB 1 billion office tower on Ramkhamhaeng Road. The project has over 30 storeys and features a lettable space of 30,000 sq. metres. The company’s 1st office tower, Major Tower Thonglor, opened late last year and contains a lettable area of 11,600 sq. metres. The 19-storey tower cost THB 1 billion to build as well.
“The office market is trending towards the new central business district around Ratchadaphisek, Rama IX and Ramkhamhaeng roads with a good occupancy rate. We have targeted to have at least 150,000 sq. metres in office space over the next five years,” says Petrada.
The company hopes to earn THB 100 million in annual revenue from renting offices by 2021. Major Development will look at launching more projects that aren’t strictly residential moving forward. “We will develop 1 mixed-use project every year with retail, office and residential parts available on the same site to boost value,” says Petrada.
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