Sep. 30--CHANGZHOU, CHINA -- The listed industrial estate developer Rojana Industrial Park Plc is poised to develop more condominiums in Changzhou, one of China's fastest-growing cities, after meeting an overwhelming response from its residents.

"We are familiar with the local people. We will continue new investments and look for business expansion in China," said managing director Jirapongs Vinichbutr. "Plenty of opportunities await as there are 200 or 300 cities in China with similar economies as Changzhou."

The company's first condominium in the city in Jiangsu province, Kaina Business Plaza, launched in early 2007 and is now more than 70 percent sold. Rojana's second project, Kaina Overseas Chinese City, is 20 percent sold after opening for sales recently, he said.

Kaina Business Plaza occupies eight rai and has a 13-storey hotel and a 53-storey condominium with a total saleable area of 72,600 square metres worth 660 million yuan (3.3 billion baht). The construction cost will be 320 million yuan (1.6 billion baht) for the condominium and 200 million yuan (1 billion baht) for the hotel.

Kaina Business Plaza's sold units were bought in equal proportions for residence and for renting to expatriates, especially Japanese and Koreans working at the city's industrial estates.

The company expects to close the first project's sales early next year and to gain about 2 billion baht in profit -- a good return on investment as selling prices have soared to 11,000 yuan from 7,500 yuan per square metre on the project's launch in 2007.

The condominium building was topped off last Saturday and its units will be delivered to customers in June 2010. The hotel will start operations in October 2010 and be run by Howard Johnson, one of the best-known US hotel chains in China with 23 hotels in 13 cities, said Mr Jirapongs.

The company's new projects -- including the Kaina Overseas Chinese City -- will be located on an 11-rai plot opposite its first project.

Kaina Overseas Chinese City will comprise 9,000 sq m of commercial area and 69,000 sq m of residential area with five condominium buildings worth a total of 720 million yuan. The first three buildings were launched for sale this month. Construction is scheduled to finish by the end of 2011.

The company is confident of closing sales by the end of 2010 and plans to start development on the remaining part of the plot with three new condominium buildings.

"Residential demand in Changzhou has soared during the past few years from local people.