Siam Sindhorn Co, a Crown Property Bureau subsidiary, has launched two leasehold luxury condo projects in the Lang Suan area worth a combined 3.5 billion baht, and aims to have 50% sold by the end of the year.
Executive director Kajohndet Sangsuban said the projects are the second and third projects in Sindhorn Village, formerly Langsuan Village, a mixed-use development on plots totalling 56 rai on Lang Suan Road.
"Purchasing power in the luxury segment remains strong. Buyers include those looking for a unit for their kids or for use during weekdays. Some invest for capital gain in the future," he said.
The projects will comprise Sindhorn Langsuan, a 14-storey tower located on a one-rai site on Sarasin Road near Lang Suan Road. It will comprise 20 units sized between 230-445 square metres and priced at 350,000 baht per sq m on average.
The other will be Sindhorn Tonson, a 17-storey building on a 1.5-rai plot on Sarasin Road near Soi Ton Son, comprising 59 units of 85-140 sq m in size and priced at approximately 325,000 baht per sq m.
All units will face the 360-rai Lumpini Park as they will use a single-loaded corridor design. They will be sold on a leasehold contract of 30 years plus 30 years.
Despite the leasehold contract, they will be more secure than other leasehold projects as Siam Sindhorn is both developer and landlord, which can ensure an extension of the leasehold contract, Mr Kajohndet added.
The company's first project, the Sindhorn Residence, is now 80% sold. Launched in late 2014 and completed early this year, the project comprises 202 units priced 240,000 baht per sq m on average under a leasehold contract.
"We plan to hold a roadshow in Hong Kong to introduce the projects this year," he said, adding that foreign buyers at Sindhorn Residence account for only 5%. Most are Japanese, followed by buyers from Hong Kong.
The company also plans to launch Sindhorn Midtown worth 3 billion baht early next year. It will comprise around 450 units sized from 32 sq m, located on a four-rai plot on Lang Suan Road, next to Mater Dei School.
It is pursuing a plan for both a hotel and condo units, after earlier wanting to develop condo units only, as it wants to control daily rents, which are popular among condo units in the Lang Suan area.
With a total investment of 26 billion baht, Sindhorn Village also will comprise a low-rise condo, a high-rise condo, a hotel and a serviced apartment which will be completed in 2019.
"From the concept design stage, we have spent six years on this project, our first residential development. It is now 70% completed," Mr Kajohndet said. "It is not only about project completion but also the operation and maintenance that follow."