One.Six Development Corp, a joint venture between the fourth generation of the Chearavanont family and the Athakravisunthorn family, is planning to launch a second luxury condo project next year following the successful completion of the first project in Thong Lor in October this year.
Tanyatip Chearavanont, chief executive and co-founder of One.Six Development, said the company will continue to co-invest with Magnolia Quality Development Corporation (MQDC) in the new project using the same structure -- a ratio of 25:75 -- as the first one.
MQDC is a property developer owned by Ms Tanyatip's aunt Tipaporn, the youngest daughter of Dhanin Chearavanont, senior chairman of Charoen Pokphand Group (CP), who is Ms Tanyatip's grandfather.
"We will continue focusing on the luxury segment as purchasing power in this market is strong," Ms Tanyatip said. "The property sector is recovering. By mid-2022, the market sentiment will improve to a normal level and we will launch the new project in the second half."
Although the Athakravisunthorn family owns many plots of land in central business district locations, the next condo project will be situated on a new plot it will purchase, said Chawin Athakravisunthorn, One.Six Development's managing director and co-founder.
In October 2021, the company completed construction of The Strand Thonglor, a luxury condo project on Soi Thong Lor with 188 units worth 4.8 billion baht.
The sales rate stands at 60%, while 25% have been transferred so far.
"Condo buyers in the luxury segment want to see complete units before making a decision," he said. "We expect to have a sales rate of 70% by the end of 2021, an additional 20% next year and will be sold out by 2023."
Currently, the average price at the project is 400,000 baht per square metre, up from 350,000 baht during the launch period in 2018. Unsold units start from one bedroom units priced from 17 million baht.
"Despite Covid-19, we have not lowered the prices as the location is prime and we want to keep value for existing customers," said Ms Tanyatip.
