Major Development Plc Plc (MJD) remains confident in the growth of the luxury condominium market in next three years despite global sluggishness triggered by the declining US economy, says chief executive officer Suriyon Poolvoralaks. A company survey showed strong demand for grade A condominiums at prices over five million baht in the central business district, higher than the demand for mid-range units, Mr Suriyon said.
The unstable global economy has created worry about diminishing demand, especially for upper-end residential units, but MJD believed conditions would not affect its business operation as the company had targeted customers with high purchasing power that buy on the spur of the moment.
‘‘The premium condo market will continue to grow for at least one to three years. If consumer demand changes, the company is flexible enough to adjust the projects to serviced apartments or hotels,’’ said Mr Suriyon.
Major Development has eight ongoing projects worth 13.8 billion baht and will continue to develop projects serving the upper segment, with foreign residents of Thailand among its target customers.
Last year, the company realised revenue from the Water Mark Tower A worth 3.9 billion baht, and the 1.25-billionbaht Manhattan Chidlom, and partly from the 1.8-billion-baht Fullerton Sukhumvit. It expects to realise revenue from all ongoing projects in this year.
MJD shares closed yesterday on the Stock Exchange of Thailand at 3.70 baht, down 10 satang, in trade worth 16.7 million baht.
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