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LPN Purchase Another Development Site

By on Feb 02, 2010 in Residential

LPN’s purchase of another development site, this time on Rama IV Road in downtown Bangkok shows more confidence in Thai property market.

LPN acquired a 1,704 square wah site for 255,600,000 baht equating to 150,000 baht per square wah according to a report made to the Stock Exchange of Thailand on January 28, 2010.

LPN will develop a 900 unit, 28 storey condominium tower on the site.  LPN estimate that the total project value will be 1.55 billion baht with construction starting in March 2010 and expected completion in July 2011.  The developer expects a gross profit margin of 30%.

This is another example of developers focusing on small units in the downtown area.

LPN is one of the only developers to report their site acquisition prices and so we have added it to the list of their previous transactions.

About the Author

James Pitchon is an Executive Director of CB Richard Ellis (Thailand) Co., Ltd. He has been responsible for the co-ordination of more than 1,000 multi-national corporation property transactions in Thailand over the last nineteen years. He is also a board director of CB Richard Ellis (Vietnam) Company Limited, CB Richard Ellis (Cambodia) Company Limited and the BCCT. He is a Member of the Royal Institution of Chartered Surveyors (MRICS).

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