The Residences at Mandarin Oriental, one of three luxury high-rise projects in Bangkok under development by MQDC.

A 30-billion-baht residential project in Pattaya developed by the Chearavanont family's Charoen Pokphand (CP) Group and Magnolia Quality Development Corporation (MQDC) with Chinese developer Greenland Holding Group is set to launch next year.

The joint venture had been postponed from earlier this year because of a redesign.

MQDC chief executive Thippaporn Ahriyavraromp said the project would be a mixed-use development comprising condo buildings, hotels, serviced residences and some retail space.

"MQDC will join this project as the developer, holding 10%," she said yesterday. "CP Group holds 41% and Greenland Group has a 49% stake."

MQDC is a property development arm owned by the Chearavanont family, focusing on middle- to upper-end residential development. The family's biggest property company is CP Land, which develops condo projects nationwide.

The project in Pattaya, a favoured destination of Chinese tourists, will sit on 40 rai in the Na Jomtien area at a plot formerly used by Charoen Pokphand Foods, a CP Group business.

Sample units at the project are completed, but this year's launch was postponed to 2016 because the developer redesigned the master plan to avoid blocked views after a plot next door was bought for development of a high-rise building.

In March last year, Mrs Thippaporn -- formerly Tipaporn Chearavanont, the youngest daughter of Dhanin Chearavanont, who controls CP Group -- signed a joint venture agreement with CP Group and Greenland Holding Group, one of China's five biggest real estate developers, at the Chinese partner's head office in Shanghai.

In Bangkok, MQDC will launch a 9-billion-baht luxury high-rise project, The Residences at Mandarin Oriental, on Oct 29.

The project will sit on 4.9 rai at the same site of the new luxury shopping complex Iconsiam on Charoen Nakhon Road.

The Residences will be a 52-storey building with a total of 146 units sized from 128 to 707 square metres and priced at 350,000 baht a sq m for a typical unit and 550,000 baht a sq m for a penthouse, which would be the highest price in the country.

The project has 30 booked units worth over 1 billion baht and expects to have 30% sold by January after a Hong Kong roadshow in November.

MQDC managing director Thanawan Chaiwatana said demand in the luxury residential segment remained strong despite some buyers feeling a slight impact from the country's economic slowdown.

"There were a lot of projects in the luxury segment launched this year, which created a variety of products for buyers to choose," he said.

MQDC is developing two other luxury projects.

One is Magnolias Ratchadamri Boulevard, a leasehold condo project on Ratchadamri Road near the Ratchaprasong intersection with 316 units worth 5.5 billion baht, now 80% sold.

The other is Magnolias Waterfront Residences, another luxury condo building adjacent to The Residences at Mandarin Oriental, now sold out.