Sansiri Plc (SIRI) has been approved to launch eight new condominium projects in and around Bangkok this year. All together, the projects are worth 21 billion Thai baht.
The senior executive vice president of the company, Khun Uthai Uthaisangsuk told the Nation that several positive factors have contributed to make the massive launch possible. Conditions such as a recovering economy, low interest rates and new infrastructure plans have made building in Bangkok an attractive endeavour.
The new infrastructure in Bangkok, such as the growing BTS and MRT lines have caused developers nationwide to snatch up available land that will quickly skyrocket in price. In the case of Sansiri, all eight of their new projects will be located along mass-transit routes.
“Developers have to adjust to launch residential projects that will attract the right buyers,” Mr Uthai said. “Moreover, relatively high household debt is a negative factor that puts further pressure on the Thai residential market.”
Clearly, Sansiri has adjusted accordingly. The first of eight was launched already on May 16. It is an 86 unit condominium called Monument Sanampao. Within one day of presales, the entire 1.5 billion baht project was sold out.
The huge success may be largely due to targeting the right market. The eight projects are all to be aimed at mid-to-high end segments, with prices ranging from 130,000 to 300,000 per square metre.
