Thai developer Sansiri to launch condo projects worth US$540 million

BANGKOK (REUTERS) - Thai property developer Sansiri said on Tuesday it planned to launch seven condominium projects worth a combined 19 billion baht (S$725.7 million) in the second half of 2016, mostly along Bangkok's mass transit lines.

At least six of these will be in cooperation with Bangkok's elevated skytrain operator BTS Group Holding, said Uthai Uthaisangsuk, senior executive vice president, Sansiri.

The company had slowed down the launch of projects in the past two years as the Thai property market was hit by weak consumption, but the government's infrastructure investments should help boost demand in the second half, Mr Uthai added.

Sansiri had targetted 11 condominium projects worth a combined 30 billion baht for 2016, he said.

Next week, the property developer will launch a new condominium worth 2.8 billion baht at central business district Asoke-Ratchada, the first project for The Line brand this year and under joint development with BTS Group, Mr Uthai said.

Despite the weak consumption in a slowing economy, demand for condominiums, which are located close to mass transit systems, remained high, Mr Uthai said.

The Thai developer aimed to boost sales from foreign customers to 5 billion baht this year, up from 3.5 billion baht in 2015 and expected revenue from condominium business to reach 20 billion baht in 2016, up 30 per cent on year, he said.