Friday, December 04, 2020

Singha Estate reaches out to 100 agencies for sale of condo units to foreigners

Oct 20. 2020
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By THE NATION

Singha Estate plans to work with over 100 agencies to sell condos to foreigners, aiming to achieve sales of 70 per cent of units by year-end.

Natthawut Matthayomchan, chief property development officer at Singha Estate Pcl, said that the impact of the Covid-19 outbreak had greatly reduced the company’s sales which relied heavily on foreign customers. “As foreigners are not yet allowed to enter Thailand, we are planning to invite over 100 property agencies, both big and small, to help sell our condos to foreign customers who are interested in buying condos in Thailand,” he said.

“Thailand has proven to be highly efficient in controlling the outbreak, resulting in foreigners interested in our property market more than that of competitors in Hong Kong or China. These are high potential customers who are able to afford luxurious condos worth over Bt10 million per unit,” he added.

Natthawut said that the company had recently introduced a new project called "The ESSE Sukhumvit 36", a 43-storey high-rise condo project with 338 units and total value at Bt6.5 billion. “This project is a joint investment with Hong Kong Land Plc and aims to attract foreign investors living in Thailand,” he added.

Due to the outbreak the company has also adjusted the ownership transfer target from Bt9 billion to Bt4 billion. “In the first half of 2020 we have achieved over Bt1 billion worth of ownership transfer from our customers, 40 per cent of whom are foreigners,” added Natthawut.

As for the trend of new projects next year, Natthawut said that the company would focus on developing horizontal condos at a price lower than Bt100 million per unit to attract new generation buyers who want home-like space in a condo format. “These projects will be under a new brand, as currently we already have a horizontal project under the Santi Buri brand but the units are priced around Bt150 million,” he said.

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