Ananda launches Soi 38 condo

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The property developer Ananda Development Co Ltd yesterday launched the 2.7-billion-baht Ideo Morph 38 condominium to tap demand in the Sukhumvit-Thong Lor area, where the supply of new units is scarce, said president and chief executive Chanond Ruangkritya.

Since the current supply of new condominiums in the area features costly units priced from 6 million baht up and sized larger than 50 square metres, Ananda has opted for smaller units and lower prices.

Its 10-storey building will have 162 units sized from 23.49 to 37.55 sq m and priced from 3.1 to 5.4 million baht, or 130,000 baht a sq m.

“Our project is so far the only new launch in the area in the first half,” Mr Chanod said. “I’m confident the new supply will boost demand and appeal to a market where the current supply doesn’t match customers’ needs and budgets.”

The project’s two buildings - 162 and 199 units - will be worth 700 million baht and 2 billion baht, respectively. It will be located on a three-rai site on Soi Sukhumvit 38 for which the company paid 400,000 baht a square wah. Kasikornbank will finance 50% of the land cost and 70% of the construction cost.

Adisplay outside the Emporium Shopping Centreshowcasesthe unique interiors of the Ideo Morph 38 condominium.

Adisplay outside the Emporium Shopping Centreshowcasesthe unique interiors of the Ideo Morph 38 condominium.

Designed by the architecture firm WOHA (Thailand), the project features a “vertical green” or wall garden, and double-volume units with a floor-to-ceiling height of about four metres, said Mr Chanond.

The company expects to sell 70% of the units during the four-day launch. If the project proves successful, it plans to invest in two new condominiums and launch a new phase of Ideo Mix Sukhumvit 103.

Mr Chanond said the company next month would transfer units at the 800-million-baht Ideo Lad Phrao 17, its first condominium transfer since it launched high-rise projects in 2007.

To prepare for the transfer, it has joined some banks in making pre-approvals for its customers, 95% of whom are committed to getting the units while the balance have opted to wait and see.

The company is not concerned about possible cancellations as prices in the resale market have soared to 75,000 baht from 60,000 baht a sq m.

As property tax breaks will expire on March 28, 2010, the company is accelerating the construction of three projects worth a total of 3 billion baht in the Lat Phrao 5, Huai Khwang and Taksin areas to take advantage of lower taxes by giving incentives to the contractors.

The company also has launched a sales agency to support the resale market for its condominiums. It is also considering whether to outsource property management and after-sale service or set up a team to handle them itself, or both.

Since July 2007, Ananda has launched 11 condominiums with 5,000 units worth a combined 19 billion baht, 75% of which have already been sold.

About the author

Kanana Katharangsiporn Kanana Katharangsiporn
Kanana Katharangsiporn is a senior journalist with The Bangkok Post, Thailand's first English language newspaper and specialises in property and real estate areas.
Other posts by Kanana Katharangsiporn ( 38 )
Website: http://www.bangkokpost.com/

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