Despite unfavourable market sentiment, Magnolia Quality Development Corporation Ltd (MQDC), a property firm owned by the Chearavanont family, is committed to continuing new launches this year as planned.
Chief executive Visit Malaisirirat said the property market this year will struggle as the central bank's tightened loan-to-value ratio curbs demand.
The upper-end segment has a supply glut.
"Developers should be more cautious, particularly for condos priced 280,000-300,000 baht per square metre," Mr Visit said. "Our business plan for new projects remains unchanged."
One new project is Whizdom Inspire worth 5 billion baht, the third and last phase of a condo project at the mixed-use Whizdom 101 that will have 500 units sized from 30 sq m.
The first two phases sold out, comprising the 40-storey Whizdom Connect Sukhumvit worth 3 billion baht, which was transferred to customers. The other is the 50-storey Whizdom Essence worth 4 billion baht, which will have units transferred to customers by next month.
Whizdom 101 occupies 43 rai of Sukhumvit Road near Sukhumvit Soi 101/1. In addition to three condo towers, the project will have two office buildings with a lettable area of 40,000 sq m and 30,000 sq m, respectively.
Another project is Whizdom Chinatown, worth 4 billion baht. The project will be located on two rai near MRT Hua Lamphong with 200 units in a 30-storey condominium.
Last Friday, MQDC opened 101@True Digital Park, a new retail complex at Whizdom 101. Half of 40,000 sq m is lettable area, which is 90% occupied. Rent ranges from 1,200 to 2,000 baht per sq m per month.
MQDC expects 40,000-50,000 visitors daily. Target visitors are those living within 3-5 kilometres where 43 schools are situated.
Nicha Srisanguansakul, senior vice-president of commercial and retail, said the top five expats by nationality at the location are British, American, Chinese, Japanese and South Korean, mainly teachers at international schools.
"We are forming a master plan for a retail project at Forestia, a large-scale mixed-use project on 300 rai of Bang Na-Trat Road, which will be the company's next retail project," she said.
Thanasorn Jaidee, president of True Digital Park, said 101@True Digital Park will support digital lifestyles with modern shops and services, fulfilling all aspects.
"The project will become a global destination that meets the needs of startups and people with digital lifestyles," he said. "It is also the largest innovation hub in Southeast Asia."
