Thailand Property firm Siamese Asset Co Ltd plans to announce two new condominium projects worth Bt3.6 billion in 2014, following successful sales in three condominium projects of between 30 and 70%, launched in September 2013.
Two new projects will be located on Ramindra, namely, Blossom Condo, worth Bt600 million, and another located in Sukhaphibal 1 worth Bt2 billion.
Following the company's business expansion this year, with further expansion planned in 2014, total revenue for 2013 is expected to be Bt2.1 billion, rising to Bt2.7 billion in 2014. Siamese Asset's business expansion is part of its plan to become a listed company on the Stock Exchange of Thailand (SET) by 2015, managing director Kajohn Eng said.
"Our main customers include both domestic and foreign investors, especially Japanese buyers, who buy our projects both to stay in and to rent out," he said.
He added that the company's first condominium project, Siamese Surawong, worth Bt1.4 billion, had already achieved sales worth 70% of the total project's value after being launched in mid-September. The project also accompanied the company's September road show to Singapore.
The second condominium project, Simese Nang Lin Chee, worth about Bt700 million has now recorded sales of 37% of its 214 units - a total of 80 units. The company's final project, Siamese Blossom, worth in the region of Bt1.5 billion, has already sold about 30% of its total 330 units.
Eng added that the foreign demand for residential property in Bangkok had resulted in a strong sales growth. Japanese buyers planning to expand their businesses in Thailand in readiness for the 2015 ASEAN Economic Community (AEC), were driving sales, he said.
"Japanese buyers are interested to buy units to stay, but also as an investment - generating rental income averaging eight per cent a year," he said.