Magnolia's Whizdom 101 Bangkok project worth Bt30 bn

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Magnolia's Whizdom 101 project worth Bt30 bn
Somluck Srimalee
The Nation


The Bt30-billion Whizdom 101 mixed-used project is to be completed by mid-2018.

BANGKOK: -- Magnolia Quality Development Corporation (MQDC), a property arm of the Chearavanont family's DT Group, plans to develop the Whizdom 101 mixed-used project on Sukhumvit Soi 101 for Bt30 billion.

The project will offer 340,000 square metres of space - 20,000sqm for retail, 30,000sqm for offices, 10,000sqm for a sports and wellness club and the rest for condominium units.

Up to 70 per cent of the project's budget will come from bank loans and 30 per cent from the company's own cash, Suttha Ruengchaipaiboon, an executive vice president, told a press conference yesterday.

Up to 17 rai (2.7 hectares) of the 43-rai site will be occupied by three condo towers containing possibly more than 1,800 units.

The first tower called Whizdom Connect Sukhumvit with 600 units at a starting price of Bt120,000 per square metre opened for booking two weeks ago and 60 per cent of the units have already been reserved.

The next two towers will open for booking this or next year when their building design is finalised.

"Our presales show that there will still be demand for residences if products are offered that meet customers' preferences at a time when the country's economy is facing slight growth this year," Suttha said.

The company is waiting for approval of its environmental impact assessment and building permit. Construction is expected to commence next quarter and be completed by mid-2018.

The main customer target for the condos is younger people from both Thailand and overseas, especially China, and Asean Economic Community members who are interested in doing business in Thailand.

"We plan to roadshow our condo project in Hong Kong, Singapore, Malaysia and Indonesia [the remaining months of] this year," he said.

The company is also planning for an Asean roadshow next year to promote its 30,000sqm office building among regional, innovative businesses.

The company hopes to recoup its investment in the condominiums in three to four years and in the office and retail components in 10 years.

Whizdom 101 is the second initiative of MQDC this year after joining the development of the Bt50-billion IconSiam mixed-used complex with Siam Piwat Co early this year.

Deputy chief executive officer Visit Malaisirirat said Whizdom 101 would be developed under the "Great Good Place" concept, which aims to ensure an ideal balance among the home, workplace and social places.

The social places are at the heart of the project and will be the key to its success, he said. They offer areas for people to gather, put aside their concerns of home and work and just simply hang out, enjoying good company and the feeling of being a part of a community.

"Whizdom 101 will be one of Thailand's pioneering developments that delivers an entire neighbourhood to residents at a quality standard that is consistent with the high standards in their homes, offices, retail facilities and other buildings on the site," he said.

Source: http://www.nationmultimedia.com/business/Magnolias-Whizdom-101-project-worth-Bt30-bn-30263949.html


-- The Nation 2015-07-08

[Srikcir]

Almost the same cost for the Chinese submarines that the RTN wants from the government.

Magnolia's investment comes from private enterprise while the Thai taxpayers would pay for the subs.

In terms of national security, Whizdonm is the better investment.

[PETERTHEEATER]

But can you see the submarine base from the top of the Whizdom Tower?