Issue 10 | Feature brought to you by Century 21
Whether you are buying or selling a luxury home, you need experience and understanding – and someone that understands your needs are different from anyone else.
Recently, real estate agency Century 21 has introduced its global ‘Fine Homes and Estates’ brand to the Kingdom with the aim of proving discerning clients with a unique and bespoke service – whether they’re selling or looking to buy the ultimate home that Thailand has to offer.
Run from the company’s head office in Bangkok and headed by Khun Peerada Voranut and her dedicated and experienced team, buyers and sellers can rest safe in the knowledge their transaction will be handled by someone with experience of dealing with high-end and luxury homes throughout Thailand.
So what defines a ‘Fine Home’ by Thai standards?
In the United States, they may focus on home priced above US$ 500,000, but in Thailand the aim is to expand the top end of the market and offer a choice for owners and buyers at this end of the Thailand property market.
Different regions have different qualifications as to what defines a ‘Fine Home’, but we have four basic conditions. The first is the price, and we consider a home priced as THB 10 million and above one that is considered to be a ‘Fine Home’. We also look at the design, condition and location.
It really depends. For example, we could have a townhouse in Chinatown selling for well more than THB 50 million – but that would not come under consideration as a
‘Fine Home’. Think more along the lines of beachfront villas in resort locations.
Khun Peerada says it’s not only about price – location is equally important.
Century 21 franchisees will have the opportunity to market specific properties under the ‘Fine Homes and Estates’ brand – but they will need to seek permission to ensure it meets the requirements of being a ‘Fine Home’.
Maybe in the future we will look to have specific Fine Homes-branded offices in resorts, but that may come later. Why is now the right time for Thailand to expand its real estate offerings with this brand?
Khun Peerada says if you look back even two or three years, one thing that stands out is that despite the economic property market has continued to grow. We have seen new projects sell out in just a few hours at high prices and in good locations.
For sellers, the attraction to having a dedicated marketing package specifically for their ‘Fine Home’ is compelling, and will include individual marketing to specific, exclusive investor and high-networth databases. Some properties may never even come to market; the Century 21 team may know someone who is looking for a specific home in a specific location and be able to match them off market.
Right now, 75 percent of their transactions are happening locally with Thai buyers and sellers, which is probably one surprising factor and certainly highlights their network of local connections with investors and wealthy buyers.
Although very much under the radar since starting operating, the Century 21 Fine Homes and Estates team has generated more than THB 300 million in sales under the brand – which has to be impressive by any standards. Next year they hope to achieve THB 1.5 billion worth of transactions.
Also in 2016, the Fine Homes team is looking at operating as a sole agent for specific projects that meet their criteria – expanding on what they have been doing to a limited extent to date.
Khun Peerada says that most of the business to date has been resale properties but the balance is expected to change over the coming months as more new developments come under the brand. Plans are also being developed for exclusive events – such as for penthouse properties throughout Bangkok.
Buyers currently fall into two distinct groups – buyers and investors, and Century 21 is working with investors due to the better returns that those being offered by financial institutions. For example, someone placing THB 15 million with the firm may be divided between three properties to generate a mix of capital gains and rental returns. This, it seems, will likely become more popular.
A small and dedicated team for sure, and another option for anyone looking to buy or sell Thailand properties at the high end of the market.