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Thailand Condo – CP Land Plans Nationwide Condo Spree

By on Dec 19, 2013 in Property News

CP Land Co, the property arm of Charoen Pokphand Group, remains upbeat about Thailand’s economic fundamentals and strong private sector.

It plans at least two condominium projects in each of the country’s 77 provinces over the next five years.

“Our country may see slow growth,but every time we’ve stumbled we’ve managed to recover very quickly, as the private sector is strong,” said president and chief executive Sunthorn Arunanondchai, who believes the economy will grow by 5% each year.

However, the country should be wary of a withdrawal of foreign investment in the industrial sector that may switch to countries with more stable politics such as Myanmar, Cambodia, Laos and Vietnam.

“Political problems have no effect on our business, as all our condo projects are upcountry,” Mr Sunthorn said.

A new 500-million-baht project in Chiang Rai province was sold out in a few weeks after its launch. Its planned condo projects nationwide will be worth 300-500 million baht apiece.

CP Land, established 27 years ago,developed its first condo project in 1993 in Bangkok and froze such projects a few years later before resuming them in late 2011.

It has launched more than 50 condos in 21 provinces to date.”We target growth every year before listing on the stock market. Now our total assets are 15 billion baht, and they are expected to double by 2015,”Mr Sunthorn said.

The company plans to spend 15 billion baht next year to develop 20 condo projects, acquire hotels or build new hotels in potential provinces and build single-house projects in Bangkok,Pattaya and Si Racha.

It expects 1 billion baht in net profit from both residential sales and rental revenue. It is also in talks to buy three plots of land in the Ratchadaphisek Road area to develop a mixed-use project. Land prices should not be higher than 500,000 baht per square wah.

For the full article, please visit http://bit.ly/1jkCRV6

Source | Bangkok Post 14 December 2013

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