FRIDAY, March 29, 2024
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Thai property market moves to next level with smart homes for post-Covid era

Thai property market moves to next level with smart homes for post-Covid era

After the new normal, homebuyers’ behaviour is moving to the “next normal” where the home is seen as a safe haven for all people.

Bussakorn Phosae

The Thai property market is moving to the next level after a year and a half of the Covid-19 crisis.

Property firms have redesigned plans for their residential projects to support the new normal lifestyle of people working from home and social distancing.

After the new normal, homebuyers’ behaviour is moving to the “next normal” where the home is seen as a safe haven for all people. Residential space is no longer just for relaxation and recreation but has also become the workplace for many people during the Covid-19 epidemic.

Under the “next normal”, people need more space to serve their new lifestyles. They also need private space for each family member, since all of them are spending more time at home together. This is the main reason for the strong growth in demand for low-rise residences such as detached houses, townhouses, and twin-houses during the Covid-19 epidemic from 2020-21, compared to dropping demand for condominium projects.

Meanwhile, property developers have redesigned both their low-rise projects – detached houses, townhouses and twin-houses – and also condominiums under the smart residential concept by plugging in digital technology to serve customer demand at this time.

Technology is undoubtedly a key part of the “next normal” for current and future residential projects.

According to a survey by US-based marketing research institute IDC, demand for smart home equipment grew 31 per cent in 2018 from the year before and is forecast to rise over 100 per cent in 2022.

Global management consultant Kearney estimates the value of smart homes in the global market will reach US$263 billion or about THB8.41 trillion in 2022. The main market demand is focused on convenience-boosting equipment and security systems.

Meanwhile, business data platform Statista estimates the smart home market in Thailand was worth $532 million or about THB17.02 billion in 2019. Statista records the market value under different device categories, including smart appliances valued at $224 million (THB7.13 billion), the next smart-home security devices ($145 million or THB4.64 billion) and smart-home entertainment devices ($70 million or THB2.24 billion).

For example, most property developers deploy touchless technology for entrance and exit at condominium and low-rise residential projects. Mobile phone applications record the arrival and departure time of residents while the touchless security system records visitor times.

According to a recent survey by The Nation Thailand, most Thai property firms are currently developing their residential projects under the “smart home” concept. The aim is to boost the quality of living, security and health for their customers.

HFor example, AP (Thailand) Plc is collaborating with Thai Samsung Electronics Co Ltd to integrate its new space design innovations for three-storey townhomes with Samsung’s futuristic consumer electronics and is preparing to offer this synergy to buyers of all ready-to-move-in Baan Klang Muang townhomes. The company has also joined hands with Xiaomi Technology (Thailand) Ltd to transform condominium living in the digital era by fully integrating intelligent innovation into living spaces for the first time at LIFE Asoke-Rama 9, a new ready-to-move-in condominium development at the heart of the new CBD on Rama 9. Connection to smart home technology Xiaomi’s MI Home app frees you from the need to manually control all electric appliances and devices.

Meanwhile, the Wi-Fi network and MI security system offers peace of mind even when residents are away from home. Elsewhere, the Convergent Kitchen takes kitchen space to the next level of practicality. Modern plug-in cooking technology makes preparing meals easier and more fun. And the convergent bedroom takes sleep quality to another level with purified air made possible by MI’s air quality management system which efficiently helps filter out PM 2.5 pollutants.

Sansiri Plc is another property firm developing all of its residential projects under the smart home concept, thanks to its innovative Home Service Application. The app delivers Sansiri’s ultra-convenient lifestyle to customers via the Sansiri AI Box voice-enabled personal assistant, the San:Dee parcel-delivery robot, the Smart Move car-rental service and more. The company has set aside a budget to invest in start-ups and technology firms researching and developing smart home services for its customers.

SC Asset Corporation Plc’s technology for future living focuses on three categories. Brain of the residence is a digital panel using the Ruejai operating system that allows residents to control electrical devices in the property. Pulse of the residence allows residents to control utilities such as water and electricity, as well as air quality, via sensors, internet of things (IoT) and AI.

The company has also teamed up with Vulcan Coalition Co Ltd and visually impaired people to develop the Speech AI-NLP (Natural Language Processing) and an AI system that enables the visually impaired to control home appliances through voice control – a first in Thailand.

Meanwhile, SC is focusing on after-sales service by offering customers membership of the RueJai Club, under which their homes receive regular check-ups and maintenance.

Other property firms spending big on the smart home concept include Origin Property Development Plc, Asset Wise Plc, with innovations such as the smart mirror which plays movies, music, video games, as well as functioning as a telephone and watch. Voice command is a popular technology utilising IoT to connect with all home appliances and acting as the homeowner’s virtual assistant to control the cleaning system, air conditioners, lighting, and other devices. This innovation is part of the so-called “Lazy Economy” trend now sweeping the globe.

The Covid-19 epidemic has accelerated the country’s move to digital technology, including residential projects that have switched to smart-home designs to deliver the “next normal” lifestyle focused on health, convenience and security.

Smart homes are certainly the next normal in the property market, too. Customers can expect to see property developers adding more technology and innovation to their home designs, both for low-rise and high-rise residential units, as we move into the post-Covid-19 era.

Thai property market moves to next level with smart homes for post-Covid era

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