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Bangkok Land Condo Taps Area’s Growth

By on Nov 01, 2013 in Property News

Bangkok Land condo taps area's growth   Please credit and share this article with others using this link:http://www.bangkokpost.com/business/news/377489/bangkok-land-condo-taps-area-growth. View our policies at http://goo.gl/9HgTd and http://goo.gl/ou6Ip. © Post Publishing PCL. All rights reserved.B525m second phase will provide 298 units

SET-listed Bangkok Land Plc (BLAND)is developing the second phase of its Double Lake condominium project in Muang Thong Thani to cater to higher demand in northern Bangkok.

The new phase, worth about 525 million baht, will comprise two buildings with a combined 298 units priced from 1.99 million baht.

It will target buyers who work around Muang Thong Thani and Chaeng Watthana Road, managing director Peter Kanjanapas said yesterday.

Bangkok Land sold all 149 units in the first phase worth 333 million baht. They are due to be delivered this month.

Construction of Double Lake’s second phase started in September and will be completed in the fourth quarter of 2014.

About 500,000 people live in Muang Thong Thani and 15 million people visit events at its Impact exhibition centre annually, according to CB Richard Ellis (Thailand). Its research projects new condo supply in suburban Bangkok will increase to 47,489 units this year, up 53.54% from 30,930 units in 2012.

Mr Peter said the company has 500 rai of land at Muang Thong Thani for developing future projects.

Next year, it will develop 100 townhouses in the Srinakarin Road area in a project worth 500-600 million baht.

Bangkok Land will still control 1,000 rai in the area after selling 300 rai to another listed developer, Sansiri Plc, for 3 billion baht by mid-November.

Bangkok Land, through its business unit Impact Exhibition Management Co,is also due to launch the country’s first real estate investment trust (REIT) in the fourth quarter with a size of 20 billion baht, mainly to finance Impact exhibition centre’s second phase.

Bangkok Land will hold half the REIT,with the rest offered to retail and institutional investors.

For the full article, please visit http://www.bangkokpost.com/business/news/377489/bangkok-land-condo-taps-area-growth

Source | Bangkok Post 1 Nov 2013

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