Maneeya restarts projects after long break

After freezing property development since economic crisis in 1997, the property developer Maneeya Realty Co has started up operations again with a number of projects. The company plans to build a condominium and hotel project in the Phloen Chit area on its own and also work with BEC World managing director Pravit Maleenont to launch the 1.7-billion-baht Malibu Kao Tao Hua Hin comprising low-rise luxury condominiums and villas.

It also plans to join with SET-listed TRC Construction and Zelan, a Malaysian construction firm and property developer, to build an office building next to the Grand Hyatt Erawan Hotel on Ratchadamri Road.

''We had debts of more than one billion baht after the crisis. We cleared them through the debt restructuring process and currently have about 200-300 million baht remaining. Now, we will start new developments,'' said M.R. Tinasakti S. Bhanubandh, the company's president and managing director.

Last Tuesday, the company and Mr Pravit launched Malibu Kao Tao Hua Hin worth 1.7 billion baht. It will be located on a 15-rai site in Kao Tao, Hau Hin, with an investment of one billion baht.

The Thai-Colonial style development will have 180 condominium units sized between 97 and 308 square metres and priced from 70,000 baht per sq m, he said.

It will also have four beachfront villas with a usable area of between 367 and 1,074 sq m and each priced at 34 million baht. Sales are targeted to close within 20 months with construction completed in 2009.

The project will be developed under the joint-venture firm M Talay Co, Ltd, which was set up last year with registered capital of 270 million baht. Maneeya Realty and Mr Pravit both hold 25% stakes in the company, while the rest is held by other individual shareholders.

M.R. Tinasakti said Maneeya Realty was developing a condominium and hotel project worth four billion baht located behind Maneeya Center Building on Phloen Chit Road.

It would comprise 60 condominium units with 30-year lease contracts under the name Royal Maneeya Exclusive Residence. The 400-room, five-star hotel named Renaissance would be operated by Marriott. Construction will be completed in 2009.

''We negotiated with the Crown Property Bureau to extend the lease period of a plot where we earlier planned to develop a condominium and hotel in the past eight years and have changed it to build an office building, for which we joined TRC and Zelan,'' he said.

The company plans to start new developments when this one is 80% complete. ''We will come back next year,'' said M.R. Tinasakti. Last year it generated 100 million baht from the Maneeya Center office building.

Currently, Maneeya Realty and the Bhanubandh family have land plots of about 13 rai in the Phloen Chit area. It plans to develop a four-rai site located between Maneeya Center and Mater Dei School for an office building with retail space. Bangkok Post