Magnolia Quality Development Corporation Ltd (MQDC), a property firm owned by the Chearavanont family, expects to transfer condominium units worth a combined 12 billion baht this year, six times that of 2017.
President Suttha Ruengchaipaiboon said revenue this year would have high growth as the company had a large number of condo projects scheduled for completion, some with high project values.
"This year we should post rapid growth as we have many condo projects ready to transfer to buyers," he said. "Residential demand remains strong despite the slowdown. People still want to buy units if the project concept meets their requirements."
Next month MQDC will complete construction of Whizdom Connect Sukhumvit, a 40-storey condo tower worth 3 billion baht, which has sold 90% of units.
Nearby 50-storey condo Whizdom Essence is worth 4 billion baht, 80% sold, and will be completed by the end of the year.
MQDC expects to record 5 billion baht from these two towers in 2018. Both are a part of the mixed-use project, Whizdom 101, which is located on a 43-rai plot on Sukhumvit Road near Sukhumvit Soi 101/1.
At Whizdom 101, the company will also launch the third and last condo tower, Whizdom Inspire, worth 5 billion baht, by the end of March 2018. It will have 500 condo units sized from 30 square metre and priced 140,000 baht per sq m.
In mid-2018, it will complete construction of Whizdom Station Ratchada-Thapra, a condo project near Talad Phlu BTS station worth 2.7 billion baht which has sold out and expects to transfer all of units within the year.
Two super-luxury condo towers, Magnolias Waterfront Residences and the Residences At Mandarin Oriental Bangkok near future shopping complex IconSiam on Charoen Nakhon Road, worth a combined 18 billion baht, will be completed by the end of the year.
MQDC has two completed condo projects being transferred to buyers.
Magnolia Ratchadamri Boulevard is worth 6 billion baht -- 10% of units were transferred last year and 70% will be transferred this year.
The second is Whizdom Avenue Ratchada-Ladprao, worth 2.8 billion baht. Half of the total number of units were transferred last year and 30% will be transferred within 2018.
Last year MQDC recorded a total of 2 billion baht in revenue from transferring condo units. The Ratchadamri site brought in 600 million baht and units at the Ratchada-Lat Phrao project reaped 1.4 billion baht.
This year it plans to launch at least three new projects worth a combined 17 billion baht, including a super-luxury condo worth 8 billion baht on a four-rai plot near Lake Ratchada Office Complex on Ratchadaphisek Road, opposite Benjakitti Park.
Other will be Whizdom Chinatown, worth 4 billion baht, which will be a 30-storey condo with 200 units priced from 200,000 per square metre. The project will be located on a two-rai plot near MRT Hua Lamphong.
MQDC will also have a joint venture with Tanyatip Chearavanont, the only daughter of Charoen Pokphand (CP) Group chairman Supakit, in mixed-use project The Strand Thonglor, worth 5.5 billion baht.
Meanwhile, a mixed-use project in Pattaya with a theme park will be postponed to next year. It will be a joint venture between three parties under one conglomerate -- CP Group, MQDC and Shanghai Kinghill.
Shanghai Kinghill is a subsidiary of Chia Tai Group Company Ltd, one of the Chearavanont family's agricultural businesses. Founded in 2002 and based in Shanghai, it owns and operates an urban shopping centre, Super Brand Mall, in Shanghai.
