Bangkok Apartments
| Shoemaker SCS moves into property |
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source: Bangkok Post May 26 2008 Sales for the new Wellington condominium in Ramkhamhaeng opened yesterday. The shoe manufacturer SCS Shoes Co has diversified into property development with the launch of mid-priced condominiums in the Ramkhamhaeng area. "The real estate business has growth potential and has encouraged us to jump onto the bandwagon. We have a lot of land plots to do this business," said Witsanu Wongweeranonchai, sales and marketing manager of SCS Pattana Co, the property arm of SCS. SCS Pattana on Sunday launched sales of The Wellington condominium worth 200 million baht. It is located on a two-rai site on Soi Ramkhamhaeng 40, comprising 79 units sized between 66 and 112 square metres and priced about 45,000 baht per square metre. The unit sizes would be larger than others in the area in line with the company's goal to attract buyers who preferred larger units in not-too-crowded properties, said Mr Witsanu, the eldest son of Wiriya, SCS's owner and chief executive officer. "On two rai, we can develop hundreds of units with smaller sizes and more affordable prices. But we won't as we want to tap another target group in the niche market, not the mass market," he added. Target buyers are expatriates and aviation workers near Suvarnabhumi Airport. Construction started this month and would be completed in April 2009. The company hopes to sell 20% of its units on the launch date and expected to close sales early next year. "We don't need to speed up sales as we use our own cash to develop," he said. To cope with the rising construction material costs, especially steel, the company bought steel in advance for construction. It would also adjust unit prices in line with rising costs. The company plans to develop one detached-housing estate and two condominiums worth 800 million baht in the mid-priced segment in the The company has large land holdings in the Ramkhamhaeng-Srinakarin area. It has already started developing a 280-rai property in Mae Sai, Chiang Rai. SCS Pattana was established in 2006 with registered capital of 100 million baht. It was the first subsidiary of SCS since its establishment 33 years ago. "My father and I are not new to the property business. He invested in property development with his friends and now it's time to do it himself," he said.             |
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