It has already launched dcondo Creek, dcondo Kathu-Patong, dcondo Kathu-Phuket, and Habitown and Habitia in Koh Kaew, totalling around 2,500 condos and stand-alone homes. Some of these sold out in just hours.
Uthai Uthaisangsuk, senior executive vice president for condominium business and project development, said he was not worried about grumbles in the local property industry that his company and other Bangkok giants releasing hundreds of low-end homes onto the market might cause upheaval in the local economy, or even create a property bubble.
He said: “Sansiri is not worried about the investment because we have a good funding base for the project from the banks. It’s not a problem for us if customers buy more than one unit for investment purposes.
“In fact, Sansiri’s responsibility covers only the deposit period. The rest of the price is the bank’s responsibility. And they will naturally consider each customer’s financial position before extending a loan.
“We have the capital backing to carry out The Base and whatever comes next. [Sansiri’s CEO] Apichart Chutrakul and I are not in Phuket for the short term – we plan to stay for the long haul. We have confidence that our revolving fund is stable.”
In fact, Mr Apichart added, “Our projects are good for Phuket; when these projects are complete we will have spent about B4.5 billion. That has to be good for the local economy.”
The Base is costing Sansiri and its backers B800 million. Mr Uthai said research indicated that there is a demand in Phuket for urban living. The project will have two buildings on four rai of land, each with seven floors and comprising a total of 311 Units.
Deposits for condos at The Base will be taken at Central Festival from June 29 to July 1. Prices start at B1.9 million. Construction will begin in February. For more info call 1685 or visit sansiri.com