While Sansiri is well known for its high-end condominiums, including 98 Wireless which was at one time Thailand’s most expensive residential project, the homebuilder has recently shifted its focus to the affordable segment. This move has paid off for the firm.
“Units priced less than THB2 million are an affordable segment which we will continue tapping this year after posting a good sales and transfer rate last year,” Khun Ongart Suwannakul, Sansiri Assistant Executive Vice-President for Project Development Department (High Rise), explained to the Bangkok Post.
However, focusing on affordable condo projects comes with several challenges, such as having a higher mortgage rejection rate. Sansiri has developed a strategy to help offset that issue and ensure buyers are able to receive their units.
“All of our lower-end condo projects will be pre-built or be launched for sale one month before construction is finished,” Khun Ongart stated. “If customers are ready to book but are not ready to get a unit transfer, our cooperative banks will come to help.”
Sansiri plans to launch 12 affordable condo projects this year with these falling under its Condo Me, The Muve and Dcondo brands. Prices here are all under THB2 million. The homebuilder plans to unveil 18 condominiums in 2022 along with 28 housing projects. According to Sansiri President and Chief Executive Khun Srettha Thavisin, the developer expects to raise THB35 billion from presales and transfers.
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Interestingly, the developer has been encouraged by residential activity in Chiang Mai and is set to launch a new condo project in the popular tourist destination.
“A good sign for the property sector is shown in major tourism provinces where demand remains strong. We will launch a new condo project in Chiang Mai this year after selling out 1517 Nimman condo there last year,” Khun Ongart concluded.