With the new Bangkok city plan not yet finalised, land deals for condominium development should be postponed.
Supalai Plc managing director Atip Bijanonda said it was not worth buying plots for new projects, as planning requirements may end up being stricter in some areas.
“Developers should be very cautious. High-rise construction earlier allowed in some locations may be restricted,” he said.
The Bangkok governor and the Interior Ministry want to change regulations related to road width and construction area in the new city plan, said Mr Atip.
Supalai will this year spend 4 billion baht to buy new land plots.
It will increase the number of new projects launched this year to 19 worth more than 20 billion baht from 16 planned earlier.
Most of the additional projects will be located in areas that are considered safe and unlikely to face major flooding in the future. Possible locations include Khon Kaen, Chiang Mai, Surat Thani, Hat Yai and Chon Buri.
Most of the new projects being launched in Greater Bangkok will be in the eastern part of the city, which was free from flooding last year.
“However, we’re still convinced that there will be no new flood crisis this year,” Mr Atip said yesterday.
The company achieved sales of more than 1 billion baht in the first half of this month. Last month saw 2 billion baht in sales.
The company expects 6 billion baht worth of sales in the first quarter and 18 billion baht for the full year, up from 15 billion baht in 2011.
Last year, the company booked 17 billion baht worth of business, but only 15 billion baht was eventually signed.
The company plans to open the Supalai Wellington condominium project for booking from March 5-11 at CentralPlaza Grand Rama 9.
It will be located on 17 rai behind the Thailand Cultural Centre.
The project will comprise nine 19-storey buildings with a combined 1,002 units in the first phase.
Unit sizes will start at 47 square metres, with prices beginning at 3 million baht.
The company plans to develop seven rai in front of the first phase as a commercial area.
The area, 33 rai in total, was once owned by Khunying Potjaman na Pombejra.
Supalai won the land for 1.815 billion baht at an auction held by the Financial Institutions Development Fund last year. The price was
SPALI shares closed yesterday on the Stock Exchange of Thailand at 13.60 baht, down 20 satang, in trade worth 37.4 million baht.