The Fah builds city condo brand
Written by Writer on Monday, October 27th, 2008
The Fah builds city condo brand
SOMPORN THAPANACHAI
The new developer Supreme Estate Development aims to establish its city condominium brand, The Fah, in the Phahon Yothin area, where supply is limited.
The first condominium under The Fah brand, in Soi Ari 4, will have 44 units startingfrom 47 square metres and priced from 3.4 million baht, or an average of 72,500 baht per sqm.
Managing director Krit Suteerachai said the company’s first project, the 200-million-baht The Fah Ari 4, would tap young workers and people living with their parents who want to find their own residences close to their old homes.
The eight-floor building, situated on a 203-square-wah plot in Soi Ari 4, will have 44 units starting from 47 square metres and priced from 3.4 million baht, or an average price of 72,500 baht per sq m. Construction of the 200-million-baht project will start next month and is projected to be completed by the end of next year.
Mr Krit, 27, said that opportunities remained for condominium development in Phahon Yothin while other areas along the BTS line, notably Sukhumvit, already had plenty of supply.
The company expects to close sales by early next year and anticipates better margins than projected as construction costs have been falling. However, the sales period would be longer due to economic and political uncertainties.
Mr Krit said the condo’s prime location right in Soi Ari gave it an advantage over other projects in other sois as Soi Ari has all the facilities city people need, including the BTS station.
The company says it has no direct competition at the moment even though many condominiums have been launched in and around Soi Ari in recent years, as most of their units have been sold.
Though Supreme Estate is the newcomer in the property business, Mr Krit has experience working for his family’s Cosmo Land and House, which has 50,000 sq m of rented warehouse space in Bang Na and 2,000 rantal apartments in the Pracha Uthit area.
Krit: No direct competition in area
Cosmo Land and House later joined with City Resort Group to develop the sold-out Rajvithi City Resort with 163 units close to Victory Monument.
Established in mid-2008 with 70 million baht in registered capital, Supreme Estate Development plans to develop at least one condominium under The Fah brand each year to strengthen the brand.
“We want people to recognise our The Fah brand and immediately think about the project’s character when hearing the brand,” said Mr Krit.
It aims to develop larger residential projects as well as high-rise office buildings in the long term.
Bangkok Post
Monday October 27, 2008
