Developers pool around New Phetchaburi Road

       The new developer Pool Assets Co plans a 1.8-billion-baht condominium on New Phetchaburi Road. Thru Thonglor will join projects worth an estimated 10 billion baht at the popular location.
       "Our brand is new but the location,product, design and reliability of the project is sellable," said managing director Kitimet Kittiakkarapat.
       "Our price is competitive and we expect to have sales of 60% by the end of the year. Then, we will raise the prices by at least 5%."
       Thru Thonglor will be located an a three-rai plot near the Thong LorPhetchaburi junction which the developer acquired for 360 million baht.
       The 35-storey building will feature 515 condo units and 18 commercial units priced between 59,000 to 100,000 baht per square metre.
       Ocean Life Insurance will extend a 600-million-baht credit line to Pool Assets. Construction is scheduled to start in March 2010 and be completed by June 2012, he said.
       Kitisak Jampathipphong, chief executive of the property broker Century 21 Realty Affiliates Thailand, the project's marketing and sales consultant, said New Phetchaburi Road from Makkasan to Thong Lor was becoming popular due to the upcoming Airport Link.
       Land prices near Soi Asok are about 330,000 to 380,000 baht per square wah and 280,000 baht per sq wah near Thong Lor junction. Within two years, property developments worth a combined 10 billion baht will be built. New developments would include four-star hotels, B-grade office buildings and mid-priced condominiums, said Mr Kitisak.
       Pool Assets was established in September 2008 with registered capital of 500 million baht. It is equally held by Mr Kitimet and Sombat Sangratkanjanasin,managing director of the small developer Srichai International Co and owner of the ice-cube producer Asia Ice Group.
       Mr Sombat had co-invested with Thamrong Panyasakulwong, owner of the budget-condo developer Nirun Group, in Station Land Co Ltd. They launched The Station Sathorn-Bang Rak condominium on Charoen Krung Road a few years ago.