Successful niche developer looks to SET listing

Private Nirvana was established in 2002 with registered capital of Bt1 million by three people: Katechai, who contributed marketing experience; Nattapol Nilawan, an architect; and Sorawas Jamjaeng, with expertise in engineering and construction.
“We saw an opportunity to do business when one of our founders had land close to the Ram-Indra Expressway suitable for development of a detached-housing project,” Katechai said.
After they decided to develop an Bt800-million project on the land, Nattapol designed the homes by focusing on design and function that were different from the offerings of other property firms in the market, Katechai said.
Two years after its establishment, the company commenced construction and later opened its first project – the Private Nirvana Through – for presales at Nawamin Ram Indra.
Eighteen months later, it had been completely sold out.
The company then decided to launch one or two projects worth between Bt500 million and Bt1 billion combined per year, which has resulted in eight residential projects worth Bt5 billion combined having been launched since 2002.
Six have already sold out and been transferred to customers, with the other two – together worth Bt1 billion – in the construction and delivery stage.
This year, Private Nirvana targets revenue of Bt1 billion for the first time, which, if it achieves the goal, will be a sharp rise on the Bt700 million generated last year.
“We are confident our sales will achieve the target, as we posted Bt700 million for the first eight months of this year,” Katechai said.
The company also plans to launch two residential projects worth Bt2 billion combined in 2016. One is a townhouse project with homes costing Bt10 million, and the other is detached housing priced between Bt15 million and Bt50 million.
Although the property market is highly competitive, with the 10 largest residential developers having a combined share of more than 70 per cent of a market valued at about Bt330 billion a year in Greater Bangkok, the company believes its projects can complete with other players.
“The key to the successful sale of our residential projects since we were established in 2002 is a combination of location, design and function that is different from what other developers in the market offer.
“We design niche residences to serve customer demand, and have succeeded in selling out all of our completed projects since 2002,” Katechai said.
After its initial success and continued business growth, he said the company now targeted future annual revenue growth of up to 20 per cent.
“When the company’s business structure is stronger than it is now, we plan to apply to be a listed company in the Stock Exchange of Thailand,” he said.