THURSDAY, March 28, 2024
nationthailand

The key focus areas for property players

The key focus areas for property players

GREEN, innovative and universal designs are now the main focus for developers to meet the needs of residents concerned about their quality of living.

“The advance of technology has given us the opportunity to be innovative and differentiate ourselves from others in meeting customer demands,” Uthai Uthaisangsuk, Sansiri Plc’s chief operating officer, told The Nation in a recent interview. 
Sansiri Plc is one of the property companies allocating an annual budget for research and development. 
In line with the trend, most developers are collaborating with startups in the creation of digital applications based on Big Data to meet the demands of a new generation of homebuyers. 
Magnolia Quality Development Crop (MQDC) has set aside a five-year budget of Bt6 billion till 2022 for its subsidiary, the Research & Innovation for Sustainable Centre (RISC). In addition to the centre’s work in developing innovative products and services for the company’s projects, its facility is also open to others. 
Origin Property Plc, through its subsidiary Primo Service Solution Co Ltd, has teamed up with startups in search for more innovative services for its properties. 
Ananda Development Plc has set up a “proptech” unit and invested in a startup for the same purpose. 
Under an annual budget of Bt100 million, AP (Thailand) Plc is collaborating with its Japanese partner Mitsubishi Estate Group for the creation of new services and project designs. 
The company leverages the potential of artificial intelligence (AI) in designing its residential projects to better meet the demands of prospective buyers, said Vitttakarn Chandavimol, chief business group officer/condominium. 
“AI powers the building information modelling [BIM] system that the company had adopted. We started using the BIM system for single-detached houses and townhouses last year and that success led us to new designs to match the diverse demands from our customers,” he said.
Ananda Development Plc’s chief executive officer Chanond Ruangkritya said recently that the technological advancement would gather speed in the next five to 10 years and play a greater role in revolutionising the property industry in many aspects, from the construction process to the enhancement of urban living. The company will keep adjusting to catch up with the pace of technological disruption. 
Besides the challenge of technology disruption, he said condominium developers might face more business challenges in the next few years, including the current uptrend in land prices in some locations of inner Bangkok. 
When condominium developers pay higher land prices, they will have to raise the price of room units accordingly, while the number of potential buyers with high purchasing power might not expand fast enough. 
Part of Thailand’s development depends on state investment in infrastructure projects under the government’s 20-year strategy, which began last year.
The plan consists of economic and transportation development that will lead to real estate zones cropping up in the fringe areas of Bangkok as well as in the three provinces covered by Eastern Economic Corridor (EEC).
 

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