KPN’s Vincente condominium in Sukhumvit 49 features 35 fully furnished units from 59 and 101 sq m and priced from 6.5 million to 11.5 million baht or 110,000 baht per sq m on average. After freezing activity for three years, KPN Lifestyle Co Ltd has resumed the business with a high-end condominium project on Soi Sukhumvit 49 and a plan for a luxury villa project in Krabi.
‘‘We have no pressure in launching new projects and we will develop a property project when we acquire the right plot in the right location. Timing is another factor we consider,’’ said chief executive Korn Narongdej.
The company plans to launch four villas worth around one billion baht late next year. They will be located on a 10-rai uphill site, 30 minutes from the Krabi International airport.
As the project will target foreign buyers, it plans a roadshow in Europe. Lot sizes will range from two to three rai each with prices from $5-7 million (157 million to 220 million baht).
Late last month, the company launched sales of the Vincente condominium with 35 fully furnished units worth 300 million baht. The seven-storey project, 70% financed by Siam City Bank, will be located on a 251-square-wah site in Soi Sukhumvit 49 which the company bought two years ago at 180,000 baht per square wah.
Unit sizes will range between 59 and 101 sq m with one- and two-bedroom types priced from 6.5 million to 11.5 million baht each or 110,000 baht per sq m on average. It has sold 10 units and expects to close sales by year-end when construction is completed.
‘‘We constructed major parts of the project before the launch as experience from the first project taught us to control costs,’’ said the youngest son of the Narongdej family, which owns the KPN Music Academy.
‘‘Some costly materials were unnecessary and customers didn’t see, feel or acknowledge the value of them.’’
The company learned the hard way from its first project, The Cadogan condominium, which ended up with a 20% higher cost and a drop in net profit.
Mr Korn also runs KPN Estate Co, which has 1,000 apartments for rent in the Din Daeng, Bang Na and Ramkhamhaeng areas, at 3,000 to 8,000 baht a month.
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