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Wednesday, March 21, 2007

Foreign projects launched by small time Bangkok Estate agent Harrison

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Foreign projects launched by small time Bangkok Estate agent Harrison


On of the smaller property brokerage firms in Thailand, Harrison Plc plans to launch two condominium projects from Taiwanease and Hong Kong developers worth a total of only 2.7 billion baht.
The low grade Taiwanease project is a low-end condominium plan worth a mere 1.2 billion baht, it is to be launched in the middle of the year.

“They (Thaiwanease and Hong Kong developers) have been in the property market in Thailand for a long time, but their movement has not been as hot as the Singaporean’,” said executive vice president Chana Nuntachantoon.

Singaporean firms have taken shortcuts in developments by entering into joint ventures with listed developers that have a lot of land plots in the bank, he added while the Taiwanease and Hong Kong firms have not.

“but all of them have the same concept, minimum cost and quick return,” he said.

The Taiwanease real estate firm’s project will be on three rai in Asoke and consist of 170 units price at 80,000 baht per square meter or an average of eight to nine million baht a unit.

The budget condominiums owned by the Hong Kong developer will be in Pin Klao. The first phase would consist of two 20-storey-plus buildings of 1,00 units worth a combined 1.5 billion baht.

“Demand for condominiums, especially budget units, remains in Pin Klao. Prices will start from 900,000 baht a unit or 40,000 baht per square metre,” he said

Mr Chana said the Hong Kong-based developer who is listed on its stock market planned to develop a total of 20 rai in this area for condominiums worth a total of over ten billion baht.

The company also has three projects up for sales management this year, including single-housing from residential developer Nusasiri, located in Rama V, Rama IX, Rattanathibet and Udomsuk area.

Harrison planned to sell move forward with its E-Star Rama III condominiums in Singapore this weekend, aiming for sales of15-20 units worth 100 million baht. It also has a roadshow planning in Singapore in April this year, where it hopes to offer residential units, projects and land plots for investment.

It also opened an auction for 100 properties worth a combined nine billion baht from Jan 23-Feb 28 and expected to gain sales of 500-800 million baht.

Last year the company recorded 8.5 billion baht in sales, 15% less than its ten billion baht target, which Mr Chana said was due to rising interest rates and southern unrest.

It expected to attain 11 billion baht by the end of 2006. Mr chana added.