Fifth Development Co sees strong residential demand in Chon Buri's Si Racha and Bo Win areas, planning to launch two new projects worth a combined 4.2 billion baht this year.

Managing director Boonchai Mahasubsiri hailed Chon Buri's strong economy as second only to Bangkok's, driven by industry and tourism.

"People's purchasing power is strong in Chon Buri," he said. "Healthy demand in residential markets near industrial estates like Bo Win is from the lower-end segment, while that in Si Racha is from the middle to upper end."

One of the two projects, called 123 Resident Si Racha, will sit on a 40-rai site with a total sales value of 2.7 billion baht. The project will launch this Saturday.

The project is a mix of four residential categories: five single houses priced from 5.2 million baht, 66 duplex houses and 40 shophouses priced from 3.99 million baht, and seven eight-storey buildings with 1,333 condo units.

The other project is The Valley Bo Win 1 on 99 rai near Amata City Industrial Estate, with 900 townhouses priced from 1.1 million baht and single houses priced from 2.2 million baht to tap the lower-end market.

Fifth Development is also in talks with Chinese investors about a high-rise condominium joint venture.

The prospective partners want to spend 600 million baht and seek a location near a current or future mass transit line.

Founded in 2013 with registered capital of 480 million baht, Fifth Development launched 160 units of shophouses and offices worth a combined 830 million baht in the Lat Krabang area in mid-2014, a project now 90% sold.

Two projects launched in Chiang Mai included 223 commercial houses worth a combined 900 million baht, now 80% sold, and Fifth Condo Chiang Mai worth 154 million baht, with 60% remaining for sale since last year's launch.

"Chiang Mai's property market has been sluggish since last year," Mr Boonchai said. "The weakest sector was condos, due to oversupply."

The company aims for revenue of 1 billion baht in 2015 and more than 2 billion baht by 2018, when it hopes to raise funds though a listing on the Stock Exchange of Thailand.

Fifth Development's backers are not new to Chon Buri's property market.

Prayote Suksrikarn, the second-largest shareholder at 18.5% (after the Mahasubsiri family's 28%), has developed housing projects in the province's Phan Thong district since 2010.