Narai to launch four new projects worth B5bn in 2012

Construction News

Property developer Narai Property Co Ltd, confident about the country’s economic fundamentals, will launch four new projects worth a combined 5 billion baht in the second half of this year.

Assistant managing director Jainchai Limvattanakul said Thailand’s economic figures were in a good shape despite uncertain factors including politics and floods.

“The economy continues to grow and the property sector will follow the trend,” he said.

The company will spend 1.5 billion baht buying new plots of land this year.

Demand for single houses and town houses will pick up after a sluggish period late last year, while several condominiums will be launched this year, but in general developers are be more careful about launching new projects, he added. This will ensure an industry bubble does not occur.

In the second half of the year, the company will launch two condominium projects and two low-rise projects. The high rises will be a joint venture with the Hong Kong-based Ayala fund, whose major shareholders are Filipinos.

“International investors have a better understanding of condominiums than the low-rise market, so they will continue a joint venture with us in condominium development,” said Mr Jainchai.

Since 2004, the company and the fund established a joint venture called Nayara Co Ltd in a 51:49 ownership with registered capital of 200 million baht.

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