First KPN condo in seven years targets mass market

Seven years after completing its last residential project, K.P.N. Group has resumed activity with a focus on the mass market at The Capital condominium worth 1.5 billion baht in the Din Daeng area this month.

Chief operating officer Nop Narongdej said now was the right time for a new project, and land cost was not an issue as the group had owned the plot for four decades.

“Real estate is about timing and opportunity,” he said. “During bad periods, there are still some new entrants coming into the market. During peak periods, there were also some developers that have gone.”

The Capital will occupy a 2.5-rai site on Din Daeng Road near Vibhavadi-Rangsit Road where the group’s Siam Yamaha showroom was formerly located.

The 33-storey building will have 537 fully furnished units sized between 28.2 and 80 square metres and priced starting from 62,000 baht a square metre, with an average of 73,000 baht. The property brokerage Harrison will be the sales agent. The group expects to sell all of the units by year-end as it is confident about the pricing.

“From now on, we will be more serious about property development with a focus on highrises in the city and we expect it will contribute at least 20% to the group’s revenues,” said the 38-year-old second son of Kasem and Khunying Porntip Narongdej.

Currently, 30-40% of the group’s revenue comes from investments in auto parts businesses and the rest from a variety of businesses including its well-known music schools, services and training and property.

The group’s subsidiary KPN Lifestyle earlier developed Vincente and The Cadogan, two luxury condominiums in the Sukhumvit area. Korn Narongdej, Mr Nop’s younger brother, runs this company.

“We have shifted to the mass market as its base is the largest,” said Mr Nop.

The group also has four apartment buildings for rent at Number 7, behind Abac University in the Ramkhamhaeng area with 300 rooms.

The Capital, on the former Siam Yamaha site, will have 537 fully furnished units with average prices of 73,000 baht per square metre.

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