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Gaysorn to buy 400-million-baht plot if politics stable

By on Jun 07, 2012 in Property News

Gaysorn Property Co, the high-end property developer, plans to spend 400 million baht to buy a plot of land for a new condominium project if the political situation steadies and its existing project Mode reaches 75% in sales.

Managing director Fafuen Temboonkiat said the company is in talks over land acquisition in prime locations in Sukhumvit, Silom and Sathon areas for new project development next year.

“Locations should be near shopping areas, communities or workplaces to attract real demand,” he said.”But new investment will depend on the political situation and the sales rate at Mode.”

Mode has 60% sales after launching in March 2011.

The company brushed off concerns about the slow sales rate, as the project targeted real demand rather than speculators. The current condominium market has cooled the past few years, said Mr Fafuen.

He said most of the units at Mode will be larger than those featured in the market.

Buyers of large units usually take longer before making a decision.

Mode is worth 1.3 billion baht and will be located on a two-rai plot on Sukhumvit Soi 61, comprising 160 units sized 43.6 to 109 square metres and priced at 130,000 to 145,000 baht per sq m.

The largest units were combined to increase room sizes to 109 sq m from 87.5 sq m due to customer demand for two-bedroom units. Three of these eight units have sold.

“In Thong Lor and Ekamai, most two-bedroom units are only 80 sq m,too small for some customers,” said Mr Fafuen.

The company found there are about 7,500 condominium units from 35 projects between Sukhumvit Sois 55 and 63 on both sides of the road. Of this number, 80% have been taken up.

Source : Bangkok Post 7 June 2012

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