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Mon, April 10, 2006 : Last updated 15:22 pm (Thai local time)



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Home > Business > Eastern Star rolls out first project





RESIDENTIAL CONDOMINIUMS
Eastern Star rolls out first project

Rama III site ready to transfer title deeds

A little over two years after its launch of new projects in Bangkok, Eastern Star has now officially completed its first city condominium estate called "Star Estate @ Rama III".

The condominium was one of four projects announced by the company last year as it shifted from its original base in the industrial belt of Rayong to focus on developments in Bangkok.

Its Rama III site is opposite the Pano project and contains 277 freehold residential condominiums with prices starting from about Bt2 million.

Some improvements to the design have been made to upgrade the property, which was originally aimed at the middle market.

With the super-luxury Pano site next door, the Rama III project has not failed to capitalise its location and pumped up its selling price by more than 20 per cent.

When the units at Rama III are transferred, the company will turn to finishing its Star Estate @ Narathiwat project, a high-rise condominium offering 209 luxury units near the Sathupradit-Narathiwat junction.

Eastern Star's top executive Jaimie V Lozare, who oversees the construction of the projects, said the Rama 3 and Narathiwat locations were blessed with being situated in cleaner parts of Bangkok, the latter opposite Bang Krachao Park, by the Chao Phya River.

"Another plus is the new bridges that will soon connect the area to Samrong and Bang Na," Lozare said. "When completed, the new route will allow speedy connection to Suvarnabhumi Airport in just 30 minutes."

Already, piling work at the 9.5-rai Narathiwat site is nearing completion. The first phase of the project will feature a Y-shaped building, allowing for more windows and making the structure brighter and more spacious.

The firm's third project, at Pattanakarn Road, is also drawing attention, with 57 detached homes. About 19 units have been built, with prices starting at about Bt16 million.

The largest, 600-square metre home has a 17-metre swimming pool and four car spaces. It is selling for about Bt25 million. The company is also reworking its 31-rai estate at On Nut, which will be the site of more than 80 detached homes.

Eastern Star was established in 1989 and began operations in Thailand's eastern seaboard township of Ban Chang, Rayong. It built residential homes, schools and other infrastructure projects. Among its several achievements in Ban Chang are Eastern Star Country Club, a luxury home community featuring grand homes that overlook its sprawling 18-hole golf course; Hamlet 1 and 2 housing estates; and Sintavee Park and Sintavee Garden. Following the 1997 financial crisis, Eastern Star Real Estate, like several other property companies, entered a period of restructuring.

Today, its major shareholders include the Bank of Ayudhya and Channel 7.

Itthi C Tan

The Nation








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