TC Development Co, a property developer owned by Thai and Chinese investors, will launch a new condo project worth 13 billion baht on Rama IX Road after a Thai supplier of Chinese sanitaryware bought a 40% stake in the company last year.
Mr Kittisak says TC Development is playing down Chinese involvement with the company.
Kittisak Wongvitsud, the company's director, said it spent two years preparing the new project and rebranding from Tiancheng International Property Thailand after he gradually increased his stake from 10% in 2015 to 40% last year.
"We are playing down the Chinese aspect of the company," he said. "This half, there will be new Thai investors buying shares owned by Chinese firm Tiancheng Group. The group's stake will drop below 20% from over 30%."
Tiancheng Group, a property developer from China's Zhejiang province, joined a group of Thai investors to establish Tiancheng International Property Thailand in 2009, with registered capital of 200 million baht. Tiancheng Group held 44% and Thai investors 56%.
Before buying his initial 10% stake in the company, Mr Kittisak supplied Chinese sanitaryware to the company's first development project in Thailand, TC Green Condo on Rama IX Road.
TC Green Condo has two phases. Phase one was launched in 2012 with two 32-storey towers and a total of 984 units worth 3 billion baht. Phase two worth 2.6 billion baht was launched a year later with two 35-storey buildings and a total of 783 units.
Mr Kittisak said materials for finishing and decoration were imported from China to be applied in the construction of the first phase. The goal was to have attractive sales prices of only 60,000 baht per square metre.
However, the perception among Thai and other buyers towards Chinese materials was not positive, even though they were good quality, he said.
The first phase, as a result, had a slow sales rate.
"After I came in as a new shareholder, I revised and upgraded many materials in the second phase, and replaced many features, such as doors, with Thai products," said Mr Kittisak, who also bought two units at the second phase to rent out.
Learning from TC Green Condo, Chinese involvement should be phased out of the company before future projects are launched, he said.
Last year the company signed with Kohler to use American sanitaryware worth US$3 million (99.7 million baht) at a new condo project, One9Five Asoke-Rama 9, which will be located on an 11-rai plot on Rama IX Road.
