Small developer Thanaland Co plans to diversify to new locations, aiming to launch two projects in the Sathu Pradit area and on Soi Ari next year after the company's main development location Pin Klao saw a large increase in condo supply over the past four years.

Managing director Kovit Suwanichkul said some 5,000 new condominium units were launched on Charan Sanitwong Road in the Pin Klao area since 2015. Of this amount, around 2,000 units remain unsold.

"Since the Blue Line from Bang Sue to Tha Phra along Charan Sanitwong Road was initiated, more large developers have jumped to Pin Klao, including three projects from a listed firm and a 1,700-unit project from a non-listed one," he said.

The glut of condos in Pin Klao led Thanaland to seek new locations for residential projects being launched next year.

In early 2019 the company plans to launch a high-end 4.5-storey townhome project worth 700 million baht on a five-rai plot in Sathu Pradit. It will comprise over 50 units priced from 10 million baht each.

The developer will also launch a low-rise condo project with 70 units worth 300 million baht on a one-rai plot on Soi Ari by the end of 2019.

"We aim to boost single house and townhouse development in our portfolio," he said. "It can be developed on a phase-by-phase basis and construction takes six months to complete while condo development takes up to two years to finish."

Mr Kovit said the company has a one-rai plot remaining on Charan Sanitwong Road in the Pin Klao area for future development of a new high-rise condo project.

Thanaland will wait until the Blue Line from Bang Sue to Tha Phra starts running in 2020 before deciding to launch the Pin Klao project.

"When the mass transit line starts operating, the absorption rate in this area will be better," he said.

Thanaland's latest project launched was Thana Astoria condo, worth 1.6 billion baht, which opened for sales in 2016. It is located on a 2.5-rai site between Charan Sanitwong Soi 44 and 46 with construction completed since April.

The 23-storey project has a total of 493 units sized 22-58 square metres and priced 95,000 baht per sq m. Some 80% of units sold are worth 1.2 billion baht, and 60% have been transferred.