L.P.N. expands with new Condo Town

The listed condominium developer L.P.N. Development Plc has expanded into Nonthaburi with the launch of its 1.2-billion-baht Lumpini Condo Town in the Rattanathibet area.

The development, situated on a 20-rai plot on Rattanathibet Road, will have eight eight-storey buildings with 1,949 units larger than 25 square metres. Prices would start from 600,000 baht a unit.

Opas Sripayak, L.P.N.'s managing director, said the company was successful in selling its project in Pracha Chuen-Pong Phet. More than 80% of total units were sold in the two months since the launch, prompting L.P.N. to expand to the outer area. The company believed the Rattanathibet area had high potential due to planned mass-transit routes and improvements to road networks.

The company's study shows that about 20,000 people regularly move in and out in the area, and the majority of them did not own their own homes. Therefore, L.P.N. is targeting first-home buyers and people who live in almost 100 rental apartment buildings in the area.

L.P.N. found that apartment competition in the area was tough. Ninety-seven projects sit close together on Tivanond Road, but the occupancy rate is also high at 94% at a rate of about 2,000 to 3,000 baht a month.

About 41% of rental projects have started operating in the past three years, indicating a rising demand for residential units and more opportunities for condominiums to grab some market share.

L.P.N. believed that its professional management of about two million square metres would make the project more attractive to investors.

Source: Bangkok Post
Wednesday December 12, 2007