FRIDAY, March 29, 2024
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Tis 'the Season' to be merry at Asean Real Estate

Tis 'the Season' to be merry at Asean Real Estate

Contractor Asean Real Estate Consultant has diversified into the property development game with its first single detached housing project, "the Season", worth Bt200 million, in response to strong demand in the market.

 

Director Waranyu Promband-ankul said the company had more than six years’ experience in building offices and residences for property development firms, inspiring it to expand its business to develop residential projects. It has introduced its first single detached housing project, “the Season”, designed under a “Loft” theme.
He added that the project is located on Petchkasem 69 on some 10 rai of land. The project’s residences are designed in the “Loft” style, and include single detached houses and twin houses, on plots between 42 square wah and 54 square wah. The three-bedroom, two-bathroom designs are priced between Bt2.98 million and Bt3.9 million per unit. The project has only 41 units, worth a grand total of Bt200 million.
The firm has succeeded in selling 10 units in the first phase, which has 30 units. The second phase will have 11 units, which will be pre-sold in the first quarter of next year.
“We aim to sell out this project in the first quarter of the year 2013,” Waranyu said. He added that the location on Petchakasem 69 did not face flooding last year, making it safe for homebuyers.
Meanwhile, the company is able to keep its construction costs lower than its competitors’ because it builds its own residential projects.
“Our construction costs are 10 to 15 per cent lower than our competitors’,” he said.
He added that the net profit margin on the company’s residential project development business would be higher than for its contractor business. Normally, the contracting business generates net profit margin of less than 10 per cent per project. Property developers, on the other hand, generate net profit margin of between 10 per cent and 12 per cent per project.
After the “the Season” project, Waranyu said the firm plans to develop a new residential project in the next year, for which it is negotiating to buy new undeveloped land located close to the “the Season”.
“We plan to develop at least one project a year,” he said.
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