Habitat targets Bangkok, Pattaya for condos
PROPERTY FIRM Habitat Group plans to launch five new residential projects in Bangkok and Pattaya worth a combined Bt8 billion this year to boost total sales to Bt3 billion, up 50 per cent over last year’s Bt2 billion, the company’s chief executive officer, Chanin Vanijwongse, said.
He added that the group was confident of targeting the upper-market segment for low-rise condominiums in the central business district of Bangkok and the resort destination of Pattaya.
Habitat Group will also strengthen the group’s overall position by increasing its recurring income portfolio, including two new hotel developments as well as an expansion of the group’s international client base from new markets, namely Japan, Taiwan, Singapore, India and the Middle East.
This strategy of widening the market from China and Hong Kong earlier, will support the company’s risk diversification.
Three of five projects are planned for Bangkok’s Thonglor, Phrom Phong and Asoke areas, while the next two projects will be located in Pattaya’s central business district.
The company launched new projects in Pattaya where they are seeing strong demand for residential property located close to the Eastern Economic Corridor Development Project, he said.
“Based on these factors, we are confident of moving forward with our growth plans and double the value of our properties for investment. We anticipate a positive growth in the property market this year, as it will be driven by the government’s continuous infrastructure development projects, further supported by various private sector investments, especially in the EEC region.
“However, the company has realised it is essential to develop competitive products for the market as well, and we will ensure our designs distinguish ourselves from others and make us stand out from our competitors,” said Chanin.
The company will look for opportunities to open up new markets in addition to the Thai, Chinese and Hong Kong markets in which Habitat Group are strong. The company will reach new markets such as the Middle East as well as Japan, Taiwan, Singapore and India for Asia.
Last year, the company reported total sales of Bt600 million from international buyers. This was 30 per cent of total sales, and Habitat Group expects it will grow to 40 per cent of total sales this year, Chanin said.