Magnolia Quality Development Corporation Ltd (MQDC) will wait for the government to decide on its spending before issuing new development plans for next year.

Deputy chief executive Visit Malaisirirat said this year's development plans were on course.

"The government should accelerate infrastructure development spending because its fiscal budget is going to end in September," said Mr Visit. "If it can increase spending, the country's economy will improve in the second half."

The company hopes the property market gradually rebounds in the second half as the government spends on mass transit projects in Greater Bangkok.

MQDC, a property firm owned by the Chearavanont family, launched a mixed-use project yesterday, Whizdom 101. The project is worth 30 billion baht on a 43-rai site near Sukhumvit Soi 101/1, which it acquired for 4 billion baht in late 2013.

The plot is where Piyarom sports club was located. Scheduled to be completed in 2018, it will comprise a 10,000-square-metre sports complex, 20,000 sq m of retail space, 30,000 sq m of offices and three residential towers — two with 40 storeys and one with 50 storeys.

The sports complex will be managed by ClubCorp, a leading operator and owner of private clubs and high-end hospitality facilities.

Mr Visit said the company launched one condo tower in the past few months with 600 units sized 28-80 sq m and priced from 120,000 baht per sq m. The 40-storey tower worth 3 billion baht is now 60% sold.

MQDC targets 8 billion baht in presales this year, up from less than 1 billion recorded in 2014.

In the first five months of this year, the company launched two condo projects worth a combined 5.5 billion baht.

They include Whizdom Avenue Ratchada-Ladprao near the Lat Phrao subway station, worth 2.7 billion baht, and phase one of the Sukhumvit 101/1 site, with a sales value of 2.8 billion baht.