Tri Property keen on Chaeng Watthana

Managing director Adisorn Vivakanond stands before a representation of Tri Property’s first effort, Proud of Chaengwatthana

The new developer Tri Property Co aims to tap rising population density in Chaeng Watthana with the debut of the 250- million-baht project Proud of Chaengwatthana.

The low-rise project, situated on a 453-square-wah plot opposite Central Chaeng Watthana, will house 132 fully furnished units sized from 26 square metres and priced from 1.14 million baht a unit. Construction will start in January and will take one year to complete. The project was officially launched yesterday but it has already recorded approximately 40% sales.

Despite the company’s rookie status and 50 million baht in registered capital, Tri Property’s management team are experienced veterans in real estate, construction and interior design, led by managing director Adisorn Vivakanond, who is a second-generation member of Wanchai Construction, one of Thailand’s leading contractors.

“The response for our first project is beyond our expectations. Despite the economic downturn, developing the right project in the right location can work,” he said.

Market research led the company to develop its first project in Chaeng Watthana, where a new government centre, the relocated head office of Kasikornbank and some new office buildings are located.

[relatedposts]The location is an emerging residential area with significant growth potential as between 20,000 and 40,000 people are forecast to have their workplaces moved there.

Research also showed new developers to the central business district faced stiff competition as buyers for new property units are willing to pay more from large and credible existing developers.

In the more remote areas there is real demand for residential units, providing opportunities for small developers. However, buyers still want to know about the reliability of the developer and request the background of the company and its executives.

Tri Property plans to have at least two projects next year, one of which is likely to be another low-rise project in the Chaeng Watthana location, depending on its success in acquiring land plots.