Siamnuwat can’t get enough of luxury condo market
Condominium developer Siamnuwat Co plans to develop another high-end condominium project near Siam Square in the second quarter next year after it introduced the 3-billion-baht Wish Signature II Midtown Siam luxury condo project yesterday.
Chief executive Tharathorn Aksaranuwat said investment in the new project is estimated to be similar to the Wish Signature II, a 41-storey condo on two rai with 333 units.
The construction of Wish Signature IIt’s construction is scheduled to commence in March 2018, with completion in March 2020.
The company targets investors looking for properties within the central business district (CBD) areas as the project is located only 450 metres from Siam Paragon.
Wish Signature II Midtown Siam is the latest project after Siamnuwat launched the Wish Signature Midtown Siam in 2014.
The sold-out Wish Signature Midtown Siam is undergoing construction and is expected to be completed in 2018.
According to Mr Tharathorn, the company will stay focused on high-end developments over the next eight to 10 years in CBD areas where demand is relatively strong.
Siamnuwat plans to spend about 500 million to 1 billion baht a year to buy plots in the CBD for future development.
“We expect the real estate sector to keep on growing with the government’s bigticket infrastructure projects, with strong demand both from domestic and international investors, particularly in CBD areas along the skytrain lines,” he said.
The company controls about 500-600 rai of plots in Bangkok, mainly in Pin Klao, Kanchanaphisek and Ratchaphruek areas, said Mr Tharathorn.
“Siamnuwat still prefers the conservative approach in new investment developments,” he said.
“New developments outside the CBD area on plots we already own are likely once Bangkok’s mass transit network is developed in those areas.”
Founded in 2006 as a subsidiary of Aksara Group, which engages in property development as well as supplying personal and notebook computers and industrial electricity, Siamnuwat expects its sales to stay at 400-500 million baht this year.
Mr Tharathorn expects sales could reach 1 billion baht next year once more new developments are introduced.