Residential developer Frasers Property Home (Thailand) is planning to launch three new condo projects worth over 1 billion baht per year over the next few years to ensure the company has products in every segment.
Apichart Hengwanich, senior executive vice-president -- condominium project development and operations support, said Frasers Property Thailand Plc, the company's parent company, was the only one among the country's top 10 developers that had no condos in its portfolio.
"The Bangkok condo market slowed down during the pandemic but recovered quickly last year as there had been no new supply launched for a few years," he said. "It is a good time for us to launch our first condo project this year."
There are also positive factors boosting condo demand this year, including the government's budget which would help restore purchasing power, a downward trend in interest rates and a possible unlocking of those blacklisted in the National Credit Bureau.
"Some people blacklisted in the National Credit Bureau have minimal issues," he said.
"Unlocking them from the blacklist would increase the number of new homebuyers in the market, particularly condo customers."
On May 25, the company will open bookings for Klos Ratchada 7, a low-rise condo project worth 426 million baht.
This is the company's first condo project for sale, excluding Triple Y Residence, a leasehold condo in the Samyan Mitrtown mixed-use project.
Located on a 314.5-square-wah plot on Ratchadaphisek Soi 7, it will be an eight-storey tower with a total of 111 units, measuring between 26 and 36.4 square metres and priced from 2.99 million baht per unit.
It will target those currently renting apartment rooms in the Ratchadaphisek area, particularly those paying from 7,000 baht per month, as they fall within the same target group.
Bookings of more than half of the units are expected to be made within the first two weeks after the booking period begins, he added.
In the first quarter of 2024, Frasers Property Thailand reported revenue of 2.37 billion baht from residential development business, rising 4.5% from the corresponding period last year.