Tuesday, January 15, 2008

Sammakorn plans project in Bang Kapi

Sammakorn plans project in Bang Kapi

Company's first project in 30 years


Kittipol : Targeting the new generation

The medium-scale developer Sammakorn Plc (Samco) remains focused on low-rise developments and is planning a single-housing project worth around 500 million baht in the Bang Kapi area, says managing director Kittipol Pramoj Na Ayudhya.

The company will open pre-sales to more than 3,000 existing customers by the end of the first quarter for Sammakorn Bang Kapi, the company's first project in more than 30 years.

''The new project will have new housing designs in modern styles as we target the new generation, especially the second generation of our customers in the first projects,'' he said. ''After mailing them, we have a waiting list with almost 100 names.''

The new estate will be located on a 30-rai site, about four kilometres from Sammakorn Bang Kapi, which the company last year spent 240 million baht to acquire. It plans to develop 100 units priced at four to five million baht each, and to launch in mid-2008.

Mr Kittipol said the company planned to spend 18 to 24 months to close sales and complete the development.

Set up in 1970, Samco has 700 rai of land for new developments. The largest piece is a 300-rai site on Nimit Mai Road, but it has no plan for the plot yet.

''Five years after we acquired the land in Nimit Mai, there was a change in zoning. However, we still cannot develop this site as the city plan required the development of housing projects with minium space of 100 square wah for each unit,'' he said.

Currently, Samco has units available at six housing projects. They include 40% of the 284-unit Sammakorn Min Buri 2; 30% each in the 602-unit Sammakorn Nimit Mai and 391-unit Rangsit Klong 2; 45% of the 236-unit Nakhon In; 55% of Ratchapreuk and 140 out of 200 rai in Rangsit Klong 7.

Meanwhile, projects Sammakorn Bang Kapi and Sammakorn Min Buri 1 with 3,356 and 410 units, respectively, are almost sold out. In 2008, it plans to spend 150-200 million baht to buy new land plots for development starting in 2009.

Samco expects to have 700 million baht in pre-sales this year and realise more than 600 million baht in revenue. Last year, it generated pre-sales of 600 million baht as targeted and expected to realise 550 million to 600 million baht, up by 10% from 2006.

Mr Kittipol said the company also aimed to expand with one more branch of Pure Place, a community mall with a petrol station, in 2009 as the trend for service stations now is to have more retail space.

''There will be more community malls as these are a lifestyle destination. People today face traffic jams when they go to a shopping centre so it's more convenient and faster to do the shopping in a community mall,'' he said.

The company is considering its two project sites _ Bang Kapi and Ratchapreuk _ as new branches due their locations. Each would have an investment of between 100 million and 200 million baht.

The first Pure Place branch is located on a six-rai site in front of Sammakorn Rangsit Klong 2. With a sellable area of 4,000 square metres, it has an occupancy rate of 70-75% and is expected to reach 80-85% by the end of the year with 40 million baht in rental revenue, he said.

Pure Place is a joint venture with Rayong Purifier set up last year with an investment of 100 million baht.

SAMCO shares closed on Friday at 2.20 baht, down two satang.

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