Small city condos prove winning strategy

65976The low-profile developer City Resort Group is looking at small city condominiums to ensure success amid the economic crisis, according to managing director Chaivai Poonlapmongkol.

The company has launched its latest 450-million-baht project, Surawong City Resort, to serve demands of working people in Silom, Sathon and nearby areas. The eight-storey building, situated on a one-rai plot on Naret Road, will house 116 units at sizes between 28 and 73 square metres and priced from 2.59 million baht a unit. The project already received the environment impact assessment approval and is scheduled to be completed in early 2011. Kay-Thai International Co is the contractor.

Alan Lin, CEO of Harrison Plc, the project’s sales manager, said the project targeted businessmen and general Thai and foreign buyers who want to have residences in the central business area. Since the soft launch, the company has sold half of the units and the project will close sales within six months.

Mr Chaivai said the company would continue to develop small condominium projects in locations close to mass transit routes at the rate of one project each year. Last year, it launched Ratvithi City Resort worth 450 million baht and was able to close sales of 167 units within one day. In total, City Resort Group has developed five condominium projects worth a combined 3 billion baht.

“Our policy is to develop small-scale projects one by one so we will launch a new project only after we can close sales of an earlier development,” he added.

The company will use its own cash to buy land plots within one kilometre of BTS and MRT stations.

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