Ananda development pulls the plug on Bangkok condo project

Property developers Ananda Development have pulled the plug on the development of a condo project, Ideo Q Phahon-Saphankhwai, valued at 10 billion baht, and will refund down-payments made by customers who booked units since the April launch.

Ananda Development’s chief strategy officer Sumeth Ratanasrikul says that the demand to buy the project at that location didn’t match with the concept design.

“Since introducing the project to the market in April this year, about 39% of the first phase totalling 396 units have been reserved. We have decided to suspend sales and refund booking and down payments to customers. We will now revise the design of this project and will launch it again in 2020.”

The Ideo Q Phahon-Saphankhwai project was located close to the Saphan Khwai BTS station on a six-rai plot. It was originally designed to have 1,114 units at a starting price 5.5 million baht per unit.

SOURCE: The Nation