Phayapanit Property to join low-rise condo trend in Bangkok
Phayapanit Property, a condominium developer, has launched its 600-million-baht “Chateau in Town Collage” project on Soi Ratchadapisek 13, targeting young people working in the area. A similar project offering units with prices in the medium range near Ramkhanhaeng University was also planned for the fourth quarter this year. The Chateau project, situated on a three-rai plot, will have two eight-storey buildings housing 292 units at prices starting from 40,000 baht per square meter. Construction will be completed next year. In order to provide residents with a quality lifestyle, the company focuses on developing condominium projects with fewer units, but larger common areas including swimming pools and fitness facilities, said managing director Vuttipong Patayanunt. He said the response during the presale period was positive and the whole project was expected to be sold out during its grand opening at the It Mall Fortune Town this week. “We try to select buyers who work in the nearly areas so they will stay at the units themselves, and not rent them out. We saw some big projects with high percentages of rented units finally ended up having low-quality residents,” said Mr Vuttipong. The same concept would also be applied in developing its Ramkhamhaeng project. Mr Vuttipong believed that there was still a strong demand for good quality midrange condominium units in convenient locations. However, he found that the development of city condominium projects was getting more difficult due to the scarcity of appropriate land plots and tighter regulations. Therefore, the company planned to join the trend of low-rise developments in the next few years. Established since 2002, Phayapanit Property launched its first project, the Phayapirom Regent in the Thon Buri area, in late 2003.