MQDC launches B500m Bangkok condominium



Magnolia Quality Development Corporation (MQDC), a property subsidiary of the agribusiness giant Charoen Pokphand Group (CP), yesterday launched a condominium in Bangkok to capitalise on an anticipated industry recovery.

But a 2-billion-baht joint-venture project in Pattaya remains on hold, as the resort city’s investment climate has yet to recover from political turmoil in April.

The company has pledged to refund all sold units to customers. It will consider relaunching the project in 2010.

The shelved Pattaya project – through CPMQ, a joint venture with CP Land, another CP Group real estate subsidiary – is a 29-rai site with six seven-storey buildings and 792 units sized between 44 and 144 square metres and priced from 46,500 baht per sq m.

“The Bangkok property market has recovered but Pattaya has not,” said managing director Visit Malaisirirat. “Sentiment in Pattaya is much worse and unlikely to be back to normal until next year.”

MQDC launched the 500-million-baht Whizdom condominium in Bangkok after postponing the opening from the first quarter of the year.

The project, on 586 square wah on Sukhumvit Soi 64, has 79 units sized from 30.18 to 109 sq m and priced from 88,800 baht a sq m.

It is the first project the company has launched since mid-2008.

Purchasing power in the middle-priced housing segment remains strong despite the downturn, said Mr Visit.

The company is confident of closing sales within four months. It aims to attract buyers through a cash-back campaign giving 2%, 5% and 10% discounts on downpayments of 10%, 20% and 40% of the unit price, respectively.

MQDC will also offer nine versions of 27 room designs, which it claims is the largest-ever choice in the condominium market.

By the second half of the year the company plans to launch a single-housing project and a condominium, together worth about 2 billion baht, in the same areas as its existing projects on Bang Na-Trat Km 7 and on Sukhumvit near the extension line of the On Nut BTS station.

MQDC expects 700 million baht in revenue from sales of remaining units in its current projects. Last year it recorded about 1 billion baht, said Mr Visit.

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 ( 42 )

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