Many businesses are trying to come to terms with the new normal. Property developers are no different. Not only will projects need to be altered, but everything from marketing techniques to operating procedures may require new approaches. This is a challenge award-winning developer Magnolia Quality Development Corporation (MQDC) understands and is ready for.
The firm believes the Thailand property sector will emerge from the current situation, but developers and property professionals must be ready for short- and long-term changes. This is something MQDC is already preparing for.
“In the short term, the outbreak is slowing decisions to buy and speeding up new technologies such as video calls and virtual tours. Sales channels have also changed, putting a greater emphasis on direct contact and referral programs,” MQDC Chief Executive Khun Visit Malaisirirat, told the Bangkok Post.
He continued, “For the longer term, there will be market changes in many directions. In some countries, for example, people are turning to property as a relatively straightforward form of investment. The crisis will also alter what buyers look for. MQDC’s FutureTales Lab, Asean’s first private-sector futurology center, has been exploring some of the outbreak’s implications.”
MQDC adapts its projects as buyers reflect on what they want
The current situation has made property buyers, especially end users, reflect on what matters most to them. This could see demand preferences change in the near future and developers have to be ready to quickly pivot. Khun Visit added that MQDC is doing this by being agile and responsive when it comes to the safety, security and well-being of the company’s stakeholders as well as the community at large.
Ultimately, the key is identifying existing trends that have survived the COVID-19 pandemic and acknowledge any new preferences that have emerged due to the situation.
“An interesting example of how the crisis is accelerating trends already under way is in ‘intergenerational’ living,” Khun Visit explained to the newspaper. “MQDC is pioneering intergenerational living with its brand Mulberry Grove, dedicated to reviving multi-generational living in extended families. Our research found this need and desire in Thailand. The outbreak is set to further drive this trend as families further recognize the value of living together with older relatives.”
Whizdom The Forestias: A project built to last
Work continues on Whizdom The Forestias, MQDC’s flagship development in the suburbs of Bangkok. The project won Best Green Development at the Dot Property Southeast Asia Awards 2019 and is one of the biggest real estate complexes in Thailand at 636,800 square meters. Nearly half of that space is dedicated to green areas.
According to MQDC, the project was designed based on the public’s preference for wanting to live around green spaces and nature. However, with more people now aware of health and well-being, developments such as Whizdom The Forestias will be in even higher demand.
“Green areas are also key to improving air quality, which is one of the many benefits for well-being we anticipate from Whizdom The Forestias. Under our strategy of ‘sustainnovation’, we are finding technological solutions that can reduce power generation, traffic and resource consumption at the site,” Khun Visit pointed out. “Whizdom The Forestias, for instance, will have innovative high-efficiency utilities, a smart grid and green transport that will work alongside the forest ecosystem to keep the air healthy.”
Whizdom The Forestias is simply the latest development from MQDC to resonate with property seekers. The homebuilder’s Magnolias Waterfront Residences has become one of Thailand’s most iconic residential projects while Magnolias Ratchadamri Boulevard provides a one-of-a-kind living experience.