Ananda to launch five new projects in Bangkok

After making a big splash in the Bangkok condominium market with its projects along the mass transit lines under the Ideo brand, Ananda Development is set to invest more than THB8 billion (US$246.7 million) in five new projects by the end of the year.

The company currently has a total of 12 active condo projects under the Ideo brand. With a total of 5,500 units and a combined value of THB20 billion, eight projects will completed and ready to move in this year.

Chief Executive Officer Chanond Ruangkritya said the company will continue to develop another five new condominium projects by the end of this year, with locations based around the city’s mass transit lines.

He said: “Hopefully we will not have any additional political turmoil. Timing is very sensitive. Political issues are something really challenging for us, as well as for other developers, who must time when to launch a project”.

Recently, the company added another high rise property to its portfolio – Ideo Morph on Sukhumvit 38. The project has 199 units, located on a three rai land plot. Prices are starting from THB6.9 million.

Chanond said he is positive about prospects for Bangkok’s property market towards the end of the year, but buyers’ confidence and affordability would impact its growth.

“Another game for us, and for all property markets, is affordability during tough economic times. Interest rates are probably one of the most critical factors. Local banks should keep liquidity flush and be willing to lend to consumers. However, consumer confidence is something we also need to monitor. If consumers feel they still have significant income in the future, I think they’ll continue to buy despite of all uncertainties and political issues,” he added.