Another huge condo project has just been launched by property developer J.S.P Property Plc. Worth a combined total of 5.5 billion baht, the development will be in Samut Prakan’s Bang Pu, another large city located just under an hour from Bangkok and connected by Sukhumvit Road. The main target for condo sales will be those who work in the Bangpoo Industrial Estate as well as outside investors.
The project will be right on Sukhumvit road and will include a commercial zone and two condo zones. The commercial zone will require a 300 million baht investment, and will cover 15,400 square meters of space within the development. For condos, over 440 have been sold to the owner of one of the factories in Bang Poo Industrial Estate out of the 1,500 units in the development. He is an individual Thai investor who plans to rent them out.
While this individual did rent out a significant portion of the development, this is not necessarily an unexpected event as the development has already seen strong interest in investors and shows great promise for success. The company plans to raise 600 million baht this year and since it was established in 2010, it has registered capital of 2.1 billion baht with 1.5 billion paid up. A projection of 8 billion baht in sales has been made, and for revenue, a projection of 3.5 billion this year.
