Developer is confident Thai property sector will fully recover by end of 2010.

December 11, 2009 - Bangkok

Industrial Buildings Corporation Ltd is optimistic the Thai property sector will experience a full recovery by the end of 2010.

Market sentiment has improved since early this year when the Israeli company and its Thai partner, Pace Development, formed a joint venture to construct the Bt14 billion MahaNakorn project.

Chief executive Dalit Braun told The Bangkok Post: "IBC entered the project for the long-term.

During our entrance, the world was in the middle of a financial crisis but we insisted on investing in Thailand. We have an optimistic outlook on the Thai property market in the long run."

MahaNakorn is a luxury project on a 15-rai site near Chong Nonsi BTS station in Bangkok. It has 194 condominium units priced at 280,000 baht per square metre.

Around 20 of the units, worth a combined Bt200 million, have been sold to date. A further 5 units are expected to be sold before the sales gallery opens in February 2010.

Source: Property-Report

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