The listed developer Eastern Star Real Estate Plc has announced plans to develop three residential projects by next year, according to executive director Chatchawin Charoenrajapark.
The projects include plans to build condominiums on a three-rai plot on Narathiwat Ratchanakharin Road, adjacent to a similar residential development by the company.
It also plans to put a single housing project on 30 rai in Onnui with units’ prices for over five million baht.
The third project will cost the company more than 300 million baht. It isstudying the possibility of acquiring an 11- rai plot for a residential development on Rama III Road.
Yesterday, Eastern Star launched 950-million-baht The Star Estate@ Rama III, comprising of 277 units with prices ranging from 2.1 million baht.
“Our unit price [for The Star Estate] is only 60,000 baht per square meter while others in the area are 80,000 baht,” Mr Chatchawin explained.
Since its solf launch in June 2004, half of the project has been sold. The construction is not yet finished, but the company hopes to start transferring units to customer in May.
According to Mr Chatchawin, the company expects to close project sales by mid-2007. He added that sales had been slwre than the take-up with other developers because the company was quite new to Bangkok.
In the past, Eastern Star specialized in developing residential units in the east of the country, especially in chon Buri province.
Another launch will officially take place for its condominium development on Narathiwat Ratchanakharin Road in May.
The 1.5-billion-baht construction, which is situated next to the company’s other planned project, will consist of 210 units which are under development, 10% of which have been sold.
Meanwhile, sales of units at the company’s other The Star Estate@ Pattanakarn have been stopped-with only six units sold of a total of 57 units-due to an undisclosed problem.
ESTAR last year posted 200 million baht in revenue on a net loss of 141 million baht. It expected to sell one billion baht worth of units by the end of the year, he said.
At the moment ESTAR has consolidated debt of 100 million baht, with a cash flow of 100 million baht. Its debt-to-equity ratio is lower than 0.3 times.
With total trade of four million baht, ESTAR shares finished trading yesterday on the Stock Exchange of Thailand at 0.49 baht, unchanged on the day before.