Eastern Star Public Company Limited (ESTAR) has announced its success after entering the low-rise condominium market with its first project, “Quintara Treehaus Sukhumvit 42.” This luxury condominium in the heart of Ekkamai is now SOLD OUT, with sales over the past eight months reaching 2 billion baht.

    

          Dr. Torsak Lertsuriyakulrat, Managing Director of Eastern Star Real Estate Public Company Limited (ESTAR), revealed that the company has continuously aimed to develop quality condominiums to meet the housing needs of urban residents. Recently, the company launched the “Quintara Treehaus Sukhumvit 42,” a luxury condominium valued at over 1.5 billion baht, located in the high-potential Thonglor-Ekkamai area, targeting middle to upper-class customers and foreign buyers for both residence and investment. The project features two low-rise buildings with eight stories and a total of 304 units, offering two types of rooms: one-bedroom units ranging from 29-40 square meters and two-bedroom units from 46-55 square meters. The project spans over 2 rai in Soi Sukhumvit 42, conveniently accessible from both Sukhumvit and Rama 4 roads, just 500 meters from Ekkamai BTS station and Gateway shopping center. Prices start at 3.49 million baht, which is considered a special price for condominiums in the Thonglor-Ekkamai area.

Dr. Torsak elaborated, “This area is one of the highest demand locations for housing in Bangkok, not only sought after by Thai consumers and investors but also highly attractive to foreigners due to its abundance of amenities that cater to the lifestyle of the new generation, including entertainment venues, shops, restaurants, shopping malls, hospitals, and international schools. As a result, new condominiums are selling for over 250,000 baht per square meter. Since 2012, this area has seen continuous growth, with average selling prices increasing by about 5% per year. This year, Thonglor-Ekkamai is the most vibrant it has been in a decade, with 14 condominium projects currently for sale, totaling 3,139 units, worth over 45.5 billion baht, of which 2,436 units, or 78%, have already been sold.

          The Quintara Treehaus Sukhumvit 42 project was designed by A49 Architects, a leading design firm in the country, and is managed by Plus Property Co., Ltd., focusing on Gen X and Y customers with monthly incomes of 50,000 baht and above, who are familiar with urban lifestyles and seek quality living in a peaceful environment away from the hustle and bustle. The customer ratio is 60:40 between Thai and foreign buyers, with foreign customers coming from Hong Kong, Taiwan, Singapore, and China. Since the project opened for sale in August, it has now SOLD OUT. Construction is expected to be completed and ready for transfer in early 2020.

          Ms. Somsak Limsoothaparn Vice President of Asset Management at Plus Property Co., Ltd., an expert in comprehensive real estate management, stated, “It is a point of pride for Plus Property to have the opportunity to achieve this significant milestone with Eastern Star Real Estate Public Company Limited, as the Quintara Treehaus Sukhumvit 42 project has SOLD OUT, achieving sales during the pre-sale phase, which exceeded expectations. The key factors include the project’s design that meets consumer demand, its proximity to Ekkamai BTS station, a high-demand market, and appropriate pricing and sales strategies, leading to the rapid SOLD OUT phenomenon. Additionally, the Sukhumvit 42 location is highly potential, allowing quick access to the Central Business District (CBD). Due to the high demand for housing in the early Sukhumvit area, but limited land available for new developments, this demand has expanded into central Sukhumvit, attracting customers who are already living in Ekkamai and employees working in the CBD for convenient commuting, as well as foreign buyers, where rental investments in this area yield returns of about 4-5% per year.”

          Dr. Torsak concluded regarding the overall business outlook of the company, stating, “At the beginning of the year, we set a sales target of 1.6 billion baht for 2018, which is an increase of about 56% from the previous year. Currently, within just eight months, we have exceeded this target, achieving sales of 2 billion baht, surpassing our original goal by 43%. In the final quarter of this year and into early next year, we plan to launch another project in the Pattanakarn 20 area, which will feature a focus on green communal spaces, including over 50 large rain trees that have grown in this area. We aim to target middle to upper-class customers looking for residences or offices, conveniently located just 15 minutes from On Nut BTS or only 4 kilometers from Thonglor, which ESTAR believes will be another project that receives a positive response.”

Thank you for the information from www.estarpcl.com