Mr Sutee says the company plans to launch two new high-end housing projects worth a combined 1.4 billion baht.

Property developer Nye Estate Co, a subsidiary of Narai Property, plans to launch two new high-end housing projects worth a combined 1.4 billion baht despite the unfavourable economy, banking on strong demand in the segment and the company's solid financial position.

Sutee Limpanachaipornkul, president of Nye Estate, said the new projects mark the company's first launches in three years, following the debut of Cherkoon Sukhumvit 77 in 2022.

"We don't have financial pressure to launch new projects, but will proceed when we secure a good plot of land," he said. "These new developments are in the high-end segment, where potential buyers are less affected by the sluggish economy."

Both new projects follow the same model -- a plot of 8-9 rai near the inner city or close to expressways, with roughly 20-25 units per site.

Targeting a niche market, these small-scale developments are expected to sell out in less than two years, said Mr Sutee.

One of the projects is located on a 7.5-rai plot on Ngam Wong Wan Soi 6, featuring 24 three-storey single detached houses priced from 30 million baht, with a total sales value of 700 million baht.

The other project is situated on an 8-rai plot in the Kallapapruek-Kanchanaphisek area and is scheduled to launch in the fourth quarter. This project has the same number of units, prices and total sales value as the first project.

"The overall residential market is sluggish, but demand in the upper-end segment remains strong," he said. "People in this segment are expanding their families, planning to separate from their parents, and seeking new homes."

Mr Sutee said the company expects the Ngam Wong Wan project to sell out within 18 months, as no new supply has been launched in the area for several years.

Project finance for this development is provided by Siam Commercial Bank, while the company's financial backing comes from Narai Property, which owns and operates several hotels in Bangkok, Khao Yai and Samui.

He said residential development is not the primary revenue stream for Nye Estate, with more than half of its income coming from office rentals.

The company owns two office buildings. Park Silom on Silom Road has 65,000 square metres of lettable space and an 80% occupancy rate, with rental rates from 1,200-1,400 baht per sq m per month. Punn Tower, located on Rama IV Road near the Khlong Toey intersection, was launched in mid-2024 and offers 22,500 sq m of lettable space. It has a 50% occupancy rate with rental rates of 800 baht per sq m per month.