Equity to launch two condos worth B4bn

The property developer Equity Residential Co plans to launch two condominiums worth a combined 4 billion baht in 2010, says managing director Maturose Lochaya.

The company’s Bangkok project features a suspended building formerly named Harbour View, on a one-rai site by the Chao Phraya River in Charan Sanitwong Soi 72, bought from Siam Commercial Bank for 150 million baht.

“Construction was frozen at 50% completion with an unfinished 30-floor structure. We had civil engineers check the remaining structure and found it is safe,” she said. The building also now has an extension to its construction permit.

With the new name My Resort@River, the site will also house 10 high-end townhouses. Unit prices have yet to be finalised, but the total value is 1.4 billion.

Equity Residential’s second project, the 2.6-billion-baht My Resort Hua Hin, will feature six seven-storey buildings on a nine-rai plot in the beach town.

The company is in talks with financial institutions for funding. The site will be developed by two subsidiaries – Equity Chao Phraya Co Ltd and Villa Hua Hin Co Ltd – with registered capital of 200 million baht each.

Over the coming weekends, the company will also relaunch its My Resort Bangkok, a 1.8-billion-baht condominium developed from a suspended building on Phetchaburi Road near the Asok intersection, said Ms Maturose.

The half-completed building was formerly named Oasis and owned by Srinakorn Land, the property arm of the Techapaibul family. Launched in 2008, My Resort Bangkok has currently sold 60% of 382 completed units, priced at 73,000 baht per square metre on average. The price will be raised to 80,000 baht per sq m after the relaunch.

“The political and economic situations in the past few years were unfavourable and our projects had no sales and marketing activities so sales have been frozen since then,” said Ms Maturose, who joined the company last month. “Also, we are new in the property sector. Consumers might not be confident with our brand so we are completing construction to re-launch the project.”

Equity will start transferring units at My Resort Bangkok next month.

The company expects to close sales by year-end, helped by competitive prices with nearby projects, said Ms Maturose, a 42-year-old judge and wife of Swechak Lochaya, the major shareholder of the listed developer Everland Plc.