A new local developer, Leadon Assets Limited, has relaunched a luxury condominium worth 5 billion baht as it sees strong potential for high-end condominiums in the Sukhumvit area.

The project is a joint-venture investment by a group of Thai, American and European investors, according to Kanyarat Krisnathevin, managing director of Credence, an asset and sales management firm.

Ms Kanyarat, who represents the owner of the project in providing information to the media, said she was not authorised to reveal the names of the investors, saying only that a Thai investor holds the major stakes.

Millennium Residence@Sukhumvit is a 10-billion-baht condominium complex comprising four towers located on a 12-rai site in Soi Sukhumvit 20. It was first launched in late 2006 by MR Sukhumvit with partial investment from the Singaporean investor City Development Limited.

Leadon Assets completed its purchase deal in March for Towers C and D worth a combined 5 billion baht at an undisclosed price. Kasikornbank provided some loans for the purchase.

Towers A and B still belong to MR Sukhumvit and the progress of sales was not disclosed.

The two towers accommodate 150 and 152 units each, sized from 67 square metres and priced between 6.7 million and 90 million baht or starting at 100,000 baht per sq m.

The company has sold about 20% of the project worth about one billion baht. It expects to close sales by the first quarter of 2012. It targets foreign and Thai buyers equally as most buyers tend to buy for living, while some speculation also exists.

Ms Kanyarat acknowledged that there was a high condo supply in Bangkok.

“Development projects with strong selling points will still do well amid abundant supply,” she said.

Asia will continue to draw foreign investors in the next five years, she said. Prices of condominiums in Thailand are also cheaper when compared with those in neighbouring countries such as Vietnam.

“Although politics remains a problem, it is still at an acceptable point, particularly for foreign investors who are familiar with or live in Thailand,” said Ms Kanyarat.

Source : bangkokpost.com