Sathaporn Estate Co, a new company under developer Chalermnakhon Co, plans to launch four residential projects worth 6.8 billion baht in the next 18 months, with a focus on the upper-end segment.
Managing director Soonthorn Sathaporn said the company will spend 3.5 billion baht a year to buy plots for condo development in the inner city as well as single house and townhouse projects in Greater Bangkok to achieve its sales target.
"The new firm we founded and the new market and segment we are entering are driven by our Facebook fan page, which totals 70,000," he said. "They wanted us to develop condos in inner Bangkok under the green concept we have been using for the last 20 years."
Established earlier this year with registered capital of 650 million baht, Sathaporn Estate will focus on residential development in the middle-to upper-end segment in Greater Bangkok in the first five years.
The first project will be The Shade Sathon 1 condominium on Sathorn Soi 1, which will have two eight-storey buildings and 278 units worth 1.3 billion baht. That project will be launched in the third quarter.
In 2019, the developer will launch two condo projects, comprising the eight-storey The Shade Twig on Soi Yen Akart, worth 550 million baht, and the 20-storey The Crown on Rama IV Road, worth 1.5 billion.
There will also be a single detached house project worth 3.5 billion baht under a new brand, The Eternity, which will be located on a 99-rai site on Rangsit Khlong 5, with 300 units priced from 5-10 million each.
"From this year onwards, residential development business will be under Sathaporn Estate, while Chalermnakhon Co will focus on non-residential projects, including hotels, offices and rental land," said Mr Soonthorn.
Chalermnakhon Co was founded in 1991 by Mr Soonthorn's father, Chalerm. The firm has developed single house and townhouse projects in the Rangsit area worth 4 billion baht over the past 20 years under the Baan Sathaporn brand.
Besides the establishment of Sathaporn Estate and the use of new brands, the company will also team up with Panasonic for home automation, EA Anywhere for electric vehicle chargers, Box24 for smart lockers and Rajamangala University of Technology Phra Nakhon for recycling vending machines.
"We aim for growth of 15-20% annually over the next five years with combined sales of 11.5 billion baht," said Mr Soonthorn, also managing director of Chalermnakhon. "We will also raise funds on the stock market by 2021."
