The March 11 Japanese earthquake and tsunami has helped to boost sales of the new d25 Thong Lor condominium project by as much as 40% via Japanese investors.
The 500-million-baht d25 Thong Lor condominium will be located on 369 square wah in Thong Lor Soi 25. It will feature98units sized from 35-68 square metres and priced between 97,000 and 120,000 baht per sq m.
“It surprised us that our units did this well with Japanese investors,” said Thavanan Tanesdechsundhara, managing director of property developer D’Well Grand Asset Co Ltd.
These Japanese buyers were both expatriates living in Thailand and Japanese living in Japan. Most bought a unit for renting out to Japanese. Minegishi, a property management firm owned by Japanese, will manage the rental service.
The project worth 500 million baht will be located on a 369-square-wah plot on in Thong Lor Soi 25, comprising 98 units sized between 35-68 sq metres with unit prices ranging from 97,000 to 120,000 baht per sq m.
Sales have reached 50% since launching in March. Construction is scheduled to start in August 2011 and finish by the end of 2012. Project finance comes from United Overseas Bank (UOB) with 85% of construction cost totalling 160 million baht.
The company expects to have 80% sales by the end of the year and will either sell or keep for rental the remaining units after the project is completed, said Mr Thavanan.
It also plans to develop a single-house project with less than 100 units in the Ratchaphruek area with unit prices lower than 10 million baht in 2012 and a townhouse project in 2013. It is in talks with landowners in that area.
“We are not going to copy other developers, like we’re making a box of cookies. We will focus on design and practical functions to develop a niche,” said the 34-year-old former lecturer in architecture at Thammasat University who shifted to the property business in 2007.
He said developers need a stable infrastructure plan and a specific period for the plan to make a building profitable, as well as stable politics.
Established last year with registered capital of 120 million baht, DWell Grand Asset Co Ltd is held by three parties: Mr Thavanan (50%), the Techapaibul family (25%) and the Witoonchart family (25%).