Property developer Narai Property Co and its newly established subsidiary Nye Estate Co plan to launch 15 new residential projects worth a combined 14 billion baht in Bangkok and Phuket.

Narai executive director Ornruedi Na-Ranong yesterday said her firm would launch eight projects worth 6 billion baht, while Nye Estate plans to do seven projects worth 8 billion.

All are expected to be opened in the second half of this year.

"The new subsidiary has been set up to tap the high-end segment, while Narai will focus on mid-priced projects," said Mrs Ornruedi.

Nye Estate was set up last October with registered capital of 1.3 billion baht, with Narai Property owning 97% and individual investors including Mrs Ornruedi 3%.

Three of the seven projects by Nye Estate will be joint ventures with partners. One of them comprises 15 luxury single houses named Quarter 39 located on two rai on Sukhumvit Soi 39.

It is expected to be worth 700 million baht.

The project will have 75% of funding from Nye Estate with 25% by Koon Capital Partners, which was set up last September.

The latter is 51% held by Narai Property and 49% by individual Thai investors.

Besides the high-end segment, Nye Estate will be open for any non-residential development such as commercial projects and hospitality businesses, Nye Estate managing director Sutee Limpanachaipornkul said.

"Our establishment was derived from the parent firm with a goal to diversify into the upper-end segment after receiving a piece of land suitable for high-end projects last year," he said.

That project was Parc Priva, worth 2.5 billion baht with 60 three-storey single houses on Thiam Ruam Mit Road, launched late last year and now 80% sold.

Nye Estate targets achieving 2 billion baht in sales this year and growth of at least 10% per year, Mr Sutee said.

He and Mrs Ornruedi are former executives of Univentures Plc and joined Narai Property last July.

One of Narai Property's new projects will be The Residences at MontAzure@Kamala Beach, a joint venture with Hong Kong-based investor Arch Capital Management and Singaporean investment group Philean Capital Ltd.

With a sales value of 600 million baht, the project will be located on nine rai of Phuket's Kamala Beach, where 73 luxury condo units will be developed priced from 8-80 million baht.