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BKK holds sales event despite rally

The property developer BKK Grand Estate Co, owned by the automobile dealer BKK Group, is confident political turmoil will not dent brisk sales at its condominium sales event from Friday, said president Rienchai Likitplug.

“We have experience in such political crises,” he said. “On the opening of the BKK Group in 1993, we faced the aftermath of Black May, so as a new face in property sector, we need to continue marketing through all channels – below and above the line.”

From this Friday until next Wednesday, the company will be holding a sales event for The Coast condominium at Central Bang Na mall – even though red-shirt groups have announced plans to stage a rally at the Bang Na intersection over the weekend.

To build confidence among buyers, BKK is offering guaranteed refunds of down payments plus 10% interest to any customers who decide to return their units.

Some customers have already booked units after viewing an advertisement last Friday, which has generated presales of 20 units.

Since BKK launched the first phase of The Coast condominium in late November 2009, with 412 units priced from 2 million baht, the company has achieved 40% in sales. The company now expects to close sales for the first stage at the event at Central Bang Na.

Most customers have been Bang Na residents, said Mr Rienchai. About 60% of the buyers are local residents buying for their own residence, 15% local residents buying as an investment, 10% are expatriates and the others are purchasing for inheritance purposes, he said.

The Coast condominium will occupy an eight-rai site on Sukhumvit Road near Bang Na junction. It will have 829 units worth about 4 billion baht and a two-storey shopping complex with a rentable area of 5,000 square metres, managed by the company.

Construction is due to start in June and is scheduled to be completed in the next two years. Siam Commercial Bank has granted a project loan of about 1 billion baht. By the end of the year, the company plans to launch the second phase of the project with an increase in unit prices.

With registered capital of 100 million baht, BKK plans to develop two or three projects a year. The group has 15 land plots in Bangkok, including a five-rai plot on Rama IX Road near the MCOT junction where it sees high potential.

  • Published: 10/03/2010 at 12:00 AM
  • Newspaper section: Business

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