Blessed Assets Group, a contractor-turned-developer, has launched a townhouse project worth 500 million baht near On Nut skytrain station, adding to the large condo supply in the area.
Land prices have soared, says Ms Somjit.
Managing director Somjit Norraluck said the first nine months of the year saw about 4,500 units of newly launched condo supply near skytrain stations between Sukhumvit Sois 3 and 103.
Of this number, 2,000 units were launched on Soi On Nut at one project alone. Some 200 townhouses from two projects have also been launched near On Nut station this year.
Condos in the On Nut area are priced at 100,000 baht a square metre on average, and units going for 6-10 million baht have recorded a good sales rate.
To fill the void in townhouse supply, Blessed Assets launched Bless Town Sukhumvit 50 in July, with 56 3.5-storey townhouses priced between 8 and 12 million baht a unit. The project is on six rai of Sukhumvit Soi 50, 800 metres from On Nut station.
Eight units have sold, and the company plans to close sales by next year's first quarter.
Ms Somjit said land prices on Sukhumvit Soi 50 have risen to 250,000 baht per sq wah from 100,000 to 150,000 baht a few years ago. Land prices along skytrain lines rise 30% a year on average.
Blessed Assets plans to launch two housing projects a year worth 200-500 million baht each. Next year, it will launch 200 townhouses priced at nearly 2 million baht each on a 20-rai site in the Ram Intra area. Another yet-to-be-detailed project will stand on a 17-rai site in the Phatthanakan area.
Founded in 2010 with registered capital of 100 million baht, the company has a sister firm, Blessed Build Co, that does subcontract construction for government jobs and has built private houses and buildings since 2009.
"Our group started with construction and managing labour before jumping into property development," said Ms Somjit, a former deputy marketing director at Toshiba Thailand, where she worked for two decades.
"We also have a strong relationship with Siam Commercial Bank, Kasikornbank and CIMB to fund projects."
The contractor has four jobs on hand worth a combined 100 million baht including a factory owned by Mc Jeans.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter