MahaNakhon a hit abroad
Because of better sentiment among foreigners toward the elected government, the luxury developer Pace Development Co Ltd plans another roadshow in Hong Kong to pick up additional sales of at least 200 million baht for units at its high-end MahaNakhon project.
CEO Sorapoj Techakraisri said foreign property buyers' confidence in Thailand's economy and political situation had improved after the general election and formation of the new government, showing the country's political stability.
"They [foreign buyers] didn't care which party would become the new government, who would be the new prime minister or what the new policies would be," he said. "They just learned that we had a government from an election, a good sign for the country."
The company will have its second roadshow in Hong Kong next month to follow up new sales and expects to have at least 200 million baht after receiving many inquiries. The previous roadshow in Hong Kong last month recorded sales of 420 million baht for 10 units.
"Chinese buyers are interesting for us to tap, and we plan to talk with our sales agent about this segment," said Mr Sorapoj. "But they prefer one-on-one or private meetings to a roadshow because many of them are richer and want to stay unknown."
The company had 330 million baht in sales from eight units sold at another roadshow in Singapore. Total sales at both destinations of 750 million baht exceeded a target of 600 million baht, said Mr Sorapoj, a son of the major shareholders of the condominium leader L.P.N. Development.
With an investment of 14 billion baht, MahaNakhon will have 194 units worth 19 billion baht. It is 40% sold and sales are expected to reach 45% by the end of the year. Unit prices are 220,000 to 340,000 baht per square metre. Construction is to be completed in 2014.
"Better sales are helping us to make easier deals and to bargain better with banks that fund the project finance," said Mr Sorapoj. "By year-end we will complete a deal with the banks and hope to get the best terms amid rising interest rates."
In the year to date, the company had sales of 4.9 billion baht, up 60% from 2010. It has 20 units remaining for sale at Saladaeng Residences.
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