AP plans to lean more toward condominiums, townhouses

BackSep 13, 2006

KANANA KATHARANGSIPORN

Asian Property Development Plc (AP) remains focused on townhouses and condominiums, with five projects worth a combined 6.55 billion baht to be launched by the fourth quarter.

Senior vice-president Visanu Suchatlumpong said the detached-housing market was not good due to the sluggish economy. As a result, AP will reduce the development of single houses to 10% from 20% of all projects next year. Condominiums will make up a larger proportion of 30% while townhouses will still account for 60%, the same rate as this year.

AP's Sukhumvit 42 site will have 214 units of 45 and 75 sq m and priced from 3.1 million baht each.

''We will focus on the development of condominiums along mass-transit routes and of medium-priced townhouses,'' he said.

He added that AP would launch two condominiums and three townhouse projects during the fourth quarter.

One of the condominiums will be located on a 2.7-rai plot in Sukhumvit 42 and the other on a four-rai site in the Chidlom area under a new brand, The Address, which would replace Vogue as the brand for AP's high-end condos. The rebranding was necessary because the international fashion magazine Vogue had raised concerns about the use of the name.

The Sukhumvit 42 site worth 800 million baht will comprise 214 units sized between 45 and 75 square metres and priced at 69,000 baht per sq m or from 3.1 million baht a unit. Pre-sales with a 10% discount will be held on Sept 23.

''We expect to close sales within the day due to the discount and its location near the BTS,'' he said.

Construction would start by the end of 2006, with completion by mid-2008.

As for The Address Chidlom, he said the company would launch the three-billion-baht project by the end of the year. Priced between 95,000 and 100,000 baht per sq m, its units will come in two sizes, 55 and 80 sq m.
AP also plans to open three townhouse projects by year-end in the Srinakarin-Phatthanakan, Rama IX-Ramkhamhaeng and Kaset-Navamin areas.. The one-billion-baht Srinakarin-Phatthanakan project on a 31-rai site will house 309 units priced at 3.69 million baht each on average.

The Rama IX-Ramkhamhaeng site worth 750 million baht will have 297 units with prices starting from 2.8 million baht while a one-billion-baht project in the Kaset-Navamin area will offer 320 units priced at 3.49 million baht

AP shares closed yesterday on the SET at 3.76 baht, up 22 satang.

Source-Bangkok Post Wednesday September 13, 2006