Listed property firm Ananda Development Plc announced on Wednesday that it was suspending the development of condominium project, Ideo Q Phahon-Saphankhwai worth Bt10 billion and will refund down payments to customers who have booked units in this project since its April launch.
“Since introducing the project to the market in April this year, about 39 percent of the first phase totaling 396 units have been reserved.
It has become clear that the demand to buy into our project in this location does not match with the concept design and for this reason, 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 company’s chief strategy officer Sumeth Ratanasrikul wrote in the statement released on Wednesday.
Ideo Q Phahon-Saphankhwai is located close to BTS Saphan Khwai station on a six-rai plot. It was originally designed to have 1,114 units at a starting price of Bt5.5 million per unit.