Condo developer Fragrant Property Co has put its high-rise residential project in Pattaya's Na Jomtien area on hold because of weak sales.

An artist's rendition of Sixth Element Na Jomtien, the Pattaya project that condo developer Fragrant has put on hold.

The company also faces delays in the construction of two high-priced condo projects on Sukhumvit Road over lingering disputes with neighbours.

Chief executive James Duan said given the large-scale project and bearish market sentiment, sales rates remain low.

The Pattaya project, called Sixth Element Na Jomtien, will stand on a 22-rai site with a 30-metre beachfront between Na Jomtien Soi 8 and Na Jomtien Soi 10.

The complex will have five condo buildings: three 50-storey-plus towers and two 10-storey-plus structures with a total of 1,400 units worth 12 billion baht.

Last year Fragrant launched two of the five buildings for sale but secured only 30%, which is deemed a lower rate than required by financial institutions before they offer project financing. Normally financial institutions require developers to have sales rates exceeding 45%.

For the project, Fragrant spent 1.22 billion baht in 2014 on a 34-rai plot and plans to develop 22 rai of the total.

Mr Duan said the company has frozen construction of Circle Sukhumvit 31, a 30-storey condo, for almost a year after it has been engaged in dispute with a neighbour about construction.

"We hope to settle the problem by the end of November," he said. "The problem is about post-tensioning construction, as the neighbour has complained about its impact on his building's structure."

Circle Sukhumvit 31's site is located on a 537-square-wah plot on Sukhumvit Soi 31, 720 metres from the main road, comprising 139 units sized 46-239 sq m and priced from 6.3 million baht or 137,000 baht per sq m. It is 80% sold and was originally scheduled for completion in September 2017.

"We've notified our customers about a possible delay in project completion and no one asked for a refund as the project is located on a prime location in the Sukhumvit area where condo prices have risen every year," Mr Duan said.

Another project on Sukhumvit Road where construction was delayed is Circle Sukhumvit 11. It had a similar problem as the Sukhumvit 31 site, but the issue has been resolved and construction has resumed. The delay is expected to push back the project's completion date six months.

"At the Sukhumvit 11 project, a neighbour's house was damaged during construction," he said. "We've compensated him by repairing his house. The neighbour is satisfied and we've restarted construction."

Circle Sukhumvit 11 is located on a 726-square-wah plot on Sukhumvit Soi 11, 700 metres from the main road. It will be a 34-storey building with 219 units sized 46-406 sq m and priced 160,000 baht per sq m on average, spanning from 7-35 million baht a unit. The condo features an automatic car parking system.

Since its launch in 2012, the project has had combined sales of 5 billion baht is 70% sold.

Both projects had their environmental impact assessments approved and received loans from Krungthai Bank.

"We have no financial problems," said Mr Duan.

Earlier this year, the company reported it plans to develop a super-luxury condo project worth 23 billion baht with unit prices around 300,000 baht per sq m on a seven-rai plot on Sukhumvit Soi 36. It bought the plot in the third quarter last year.

He said the company is deciding whether to continue the development plan or sell the plot. Despite a report that the plot was recently sold to SET-listed property firm Singha Estate Plc, Mr Duan said it is still owned by Fragrant.