Aquarius opts for low-rise
Property management firm Aquarius Estate is planning to launch its first low-rise residential project, with a market value of about Bt1 billion, next year after successfully selling about 96 per cent of its Aequa Residence Sukhumvit 49 condominium, which
Chief executive Yongyutt Chaipromprasith said that the low-rise project would be located on Ekamai-Ram-Indra Road and would comprise one or two projects worth about Bt500 million each. The company is now ready to transfer Aequa Residence Sukhumvit 49 to its buyers over the remainder of this year. The condominium now has only seven unsold units.
The company has offered a rental-management service to buyers of units at Aequa Residence Sukhumvit 49 by guaranteeing a yield of at least 6 per cent per year.
"The target customers for rental units at Aequa Residence are from Japan and Europe, and they are offered rental income between Bt55,000 and Bt100,000 per month, depending on the type of unit," he said.
Aequa Residences Sukhumvit 49 is expected to generate Bt995 million in revenue for Aquarius Estate this year. This will drive its total revenue for the year to about Bt1.09 billion. About Bt60 million will come from its hotel business and about Bt41.8 million from its property-management business. This is growth of more than 200 per cent from its revenue of Bt325 million last year.
Aquarius Estate is aiming for revenue of Bt350 million next year, he said.
Yongyutt said the company was interested in developing low-rise residences because it wanted to expand its property management from condominium projects to low-rise residences, including single-detached houses and townhouses.
"Our business policy is to develop only one residential project by ourselves per year, with an average value of Bt1 billion," he said.
He said Aquarius Estate’s core business was property management. When it developed low-rise residences, its target customers would be free to assume that since it had the ability to manage low-rise residences, it was likely the company had the experience to manage high-rise residences.
The company aims for the management and sale of property worth Bt5 billion in 2012.
Currently, the company is property manager, offering both property advice and sales-agent services, for five residential projects worth Bt5 billion. They include Sym Vibha-Lat Phrao and Sukhumvit, and Ideo Taksin. The other two projects will be launched before the end of this year.
