Property development firm Wealth Developer plans to launch at least one residential project annually on land plots in three locations, reports The Bangkok Post. The firm currently owns a combined 56.6 rai of land worth THB 525 million, including 35 rai in Kanchanaburi, 20 rai in Chon Buri and 1.6 rai on Sukhumvit Soi 64 in Bangkok.
This year’s project, Zea Sriracha Condominium in Chon Buri, was announced on 7 May. Worth an estimated THB 2.5 billion, the development features 585 units in 39-storey building with beach and mountain views. Slated for completion in 2017, the building will offer four unit types, with prices ranging from THB 2.17 to 10.41 million baht; the average price is THB 85,000 per square metre.
With a Japanese onsen facility, including a sauna, fitness room and 30-metre swimming pool, Zea Sriracha is targeting investors who want to rent units to Japanese expatriates and corporate employees who work at nearby industrial estates. Wealth Developer expects more than 50 percent in presales this year.
According to Knight Frank Thailand, Si Racha has become a growing area for residential development in Thailand, thanks to an advantageous location. In addition to its proximity to Laem Chabang deep-sea port, the area is convenient for those who work in Amata Nakorn, Hemaraj Chon Buri, Pinthong, Laem Chabang and the Eastern Seaboard industrial estates.
As the industrial estates grow, more Thai and expat professionals will be seeking housing in the area. Also, for some buyers, Si Racha offers a quieter alternative to nearby Pattaya. Knight Frank also reports that the cumulative number of condos in Si Racha has reached 6,480 units, as of the first quarter of 2014; a condo boom last year saw an influx of 3,030 units, or 46.8% the total supply.
