Pethai Property Co, a subsidiary of the mid-sized condominium developer KD Asset Co, yesterday introduced its first residential project, the 600-million-baht Pethai Place, to tap midmarket buyers.

Located on a 48-rai site in Lam Luk Ka Klong 3, the project has 297 units with single houses priced from 1.9 million baht and townhouses from 990,000 baht.

''Our units are about 10% cheaper compared to those of other projects in the same area,'' said marketing director Natthakarn Kobesap.

She said the project was appealing because it was less crowded compared to other estates in the same segment, which often had 500 to 1,000 units.

''Therefore, the facilities would be sufficient for all residents,'' she said.

The company has spent 150 million baht on land and facility development. It started selling its units last month and has recorded bookings of 10%. It hopes to sell about 33% of the units this year with revenue of 150-200 million baht to be realised by year end.

Single houses are expected to contribute about 70% of the total sales and townhouses the remainder.

The rest of the project is now open for booking. All units are expected to be completed and sold by 2011. Target customers are middle-income earners aged 28 years and up.

Amid rising costs of production, the company has tried to save by investing in the whole projects at one time rather than expanding phase by phase.

Each unit takes about five months to build.

The small developer is also looking at buying land plots on Bang Na-Trat Road to expand its housing projects next year, according to Ms Natthakarn