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Chiang Mai Condo Developer Plans to Launch Projects worth 3bn

The Chiang Mai condo and retail developer Central Pattana Plc (CPN) is planning to use land plots close to its shopping malls nationwide to develop residential projects. They are hoping to achieve 15% revenue growth from property development from 2018. Vacant land plots near CPN’s shopping malls will be used to develop condos, home offices, townhouses and single houses.

Kree Dejchai, executive vice president for special project development said, “The plan aims for revenue growth to 3 billion baht in 2019, which will be the second year that we realise revenue from residential development. We are eyeing five plots of land near our shopping malls in Greater Bangkok and the provinces.”

CPN are forecasting in 2018 2.35 billion baht in revenue from their first three residential projects located in Chiang Mai, Khon Kaen and Rayong.  Kree Dejchai said that despite the slowing condo market in the provinces, CPN was able to achieve a high sales rate with selling prices of 73,000 baht a square metre in Chiang Mai and Khon Kaen and 70,500 baht per square metre in Rayong. “Today, the property development trend is towards mixed use. Residential developers come across the retail property business and vice versa for retail developers.”

Source: Bangkok Post 21st June 2016
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