CPN Residence Co is a development firm that is under Central Pattana Plc or CPN which is listed in SET. The company is determined to continue developing condominiums in various provinces by utilizing location and design along with co-promotion that they do together with the parent company in order to increase their sales. Despite the current rocky situation of the condo market, the company is firm with their decision to expand. It is no secret that Bangkok has a lot of hotels such as Sukhumvit Soi 11 hotel and condominium projects.
According to CPN Residence’s managing director, KreeDejchai, they recognize that developing condominiums in the interior parts of the country might present some challenges which is something they have not encountered in the capital city, Bangkok.
This is the reason why some provinces are not seeing developers from Bangkok, even the large ones, since they have decided that the endeavor might not be worth the risk because of the low demand.
Dejchai added that they have conducted a study, three yearsago, in the provinces in order to determine the state of the residential market. From there they found out that condo market is growing slowly because of the very limited demand.
Condo units that are worth more than 2.5 million baht are not easy to sell because it is considered a competition with single houses in the area.
Last year, the company launched three of their very first condominium projects in three different provinces – Rayong, Chiang Mai and KhonKaen. They carried the brand Escent and all of them are located near CentralPlaza malls.
The developers succeeded in selling all of their units between two to five months which is proof that there is demand in the said locations.
Dejchai said that majority of the buyers in the listed three provinces decided to buy either to be rented out or for their own use. The firm is determined to follow where the parent company is heading and we might see hotels the likes of SukhumvitSoi 11 hotel in provinces soon.