The Japanese property developer Thai Nissan Rinkai Mark Co Ltd plans to launch a high-end condominium worth 900 million baht to tap the high-end market, according to managing director Satoshi Kato.

The Rise Sukhumvit 39 will be located on a two-rai site on Soi Prommitr, Sukhumvit 39. It will have 77 units sized between 98 and 305 square metres and priced from 7.8 million to 27 million baht or 81,000 to 85,000 baht per sq m.

Unit sizes are large as the company aims to differentiate its building from others that feature mainly studios to two-bedroom units. As well, large units will attract expatdhriates who prefer more space.

The company expects to close sales by mid-2008. Target buyers would be affluent Thais and foreigners interested in condominium investment for rent. Currently, rental rates for condominium units in the Sukhumvit area are around 550 baht per sq m per month.

”The political situation seems to be unstable but it is short-term and we are confident in the project’s strength with quality construction. We have experienced in the development of mansions in Tokyo,” Mr Kato said.

The company started the construction of The Rise in mid-2006. It will offer the units in August because, as a newcomer in the market, it wants to build confidence among buyers by having a partly completed building to show them.

Established in 2004 with registered capital of four million baht, the company is a subsidiary of Thai Nissan Rinkai Holding, owned by Japan-based construction firm Nissan Rinkai Construction Co Ltd.

Mr Kato, who is also the managing director of Thai Nissan Rinkai Construc tion, another subsidiary of the holding firm, said the overall construction market in the first half of the year was mediocre but construction and materials costs soared.

During the first half of the year, the construction affiliate had three projects in hand with a total value of 550 million baht. They included The Rise, a condominium in the Lang Suan area and factories in Rojana Industrial Park in Ayutthaya province.

It expects to generate revenue of 420 million baht by the end of 2007, up from 74 million in 2006, he said.

”We expect the political situation will be better and more stable in 2008. A new government will increase confidence among investors,” he added.

Source

This entry was posted on Sunday, July 8th, 2007 at 11:48 am and is filed under Condo, Real Estate. Tags: Bangkok Condo development Japan Projects Property property developer Tokyo . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.