Ananda to seek funds for condos near transit

       Ananda Development plans to raise funds next year to invest in condominiums near mass-transit routes, said its chief executive.
       The developer is looking at several ways to finance the projects, such as raising funds from current investors,issuing bonds or floating on the stock market, said Chanond Ruangkritya.
       But the fundraising will only take place when several conditions are met,such as a global recovery, local economic growth, stable domestic politics and the expansion of Bangkok's mass transit infrastructure, he said.
       Ananda will continue to focus on condominiums and expand into office buildings and lifestyle malls on mass transit routes. It will target highly individual and independent people.
       "2010 will be a big turn for us as huge funds will be raised," said Mr Chanond."But we cannot say whether it will be $200 million,$300 million or $500 million. It depends on the world situation and Thai politics."
       The company has 800 million baht available to acquire two plots of land near the current mass transport routes to develop two condominium projects.
       Since 2007 the company has received investment of 100 million (4.7 billion baht) from the TMW Asia Property Fund 1, managed by US-based Primerica Real Estate Investor and Prudential Finance.
       About 75 million was budgeted for land acquisition and the development of 14 condominium projects. Ananda has bought 12 plots,10 of which have already been developed. It is in negotiations to buy another two plots.
       The company's condominium portfolio now totals 10 projects worth more than 10 billion baht.
       The firm says three projects have sold out: Ideo Lat Phrao 17, Mix Phahon Yothin and Q Phaya Thai. Five projects have each sold 85%: Lat Phrao 5, Huai Khwang, Verve Sukhumvit, SathornTaksin and Bluecove Sathorn. Another two projects - Sukhumvit 103 Mix and Verve Ratchaprarop - have sold 65%of their units.
       The two remaining land plots are located near the Udomsuk BTS station.The company is waiting for the property market to improve so it can sell the condos at a higher price, said Mr Chanond.
       The company expects sales to total 4 billion baht this year. It has recorded more than 3 billion baht -2 billion from condominiums and the rest from low-rise units - in the year to August,he said.
       Ananda will realise 800 million baht revenue from its Lat Phrao 17 project by the year-end. Units at the project will be transferred to customers in the fourth quarter, he said.The developer will launch sales of the high-rise tower at its Ideo Morph 38 development from Sept 4-6, after recording sales of 60%for the low-rise tower in May.
       The 2.7-billion-baht project will comprise 361 units priced from 130,000 baht a square metre.
       It also plans to launch sales in Singapore by the end of the year, offering 10% to 20% of total units, he said.