Fragrant Group Property Co, a condo developer in Thailand is planning on launching two residential projects, which will eventually diversify into hotels. The soon-to-be projects combined will cost roughly ten billion Thai baht.
One of the projects will launch next month on Sukhumvit 12 (near the Asoke sky train station) and will be worth about 900 million baht, built on a one-rai site. This will be an eight storey building priced at 150,000 baht per square meter on average. There will be 122 units sized 30-155 square meter.
Another project, the condo and hotel, will launch next year and will be developed on top of about ten rai, nearby Sukhumvit Soi 38.
The company has also set a budget for overseas development at two billion Thai baht. The SVP of Fragrant Group, named Thepparit Thipchatchawanwong told the press that the projects will most likely expand into Yangon and London over the next three years; after Fragrant Group completes its Initial Public Offering. The company’s IPO advisor is Asia Wealth Securities.
For projects in Yangon, Fragrant Group will establish a joint venture with investors in the local area who can contribute in developing a mixed-use project in the metropolitan area.
For projects in London, a subsidiary called Fragrant London Co, was set up last year in order to aid English capital investments in the world’s most expensive city. Fragrant Group will create partnerships with companies and investors who have expertise in property regulations. This will involve either buying an apartment building and renovating it to create sale and rent units, or developing an entirely new residential project on purchased land.
During the first eight months of this year, Fragrant Group, made about two billion baht of pre-sales, and now has a sales backlog worth six billion that should be realized within the next few years. After aggressive business expansion plans, Fragrant Group is anticipating a record number of pre-sales next year, reaching six billion baht.
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