Property buyers and investors in Singapore will be able to discover more about what is currently one of Bangkok’s most talked about projects this weekend at PropertyGuru’s Thailand Property Show.
Stock Exchange of Thailand-listed developer Sansiri has already revealed plans for the simultaneous launch of its ‘The Line Jatujak-Morchit’ project (pictured) in three cities at the end of the month, but visitors to this weekend’s show will be able to register their interest and learn more about the project a week ahead of the official Singapore launch.
Presales for the new condominium project will start in the city-state, Hong Kong and Thailand on Saturday, May 30, and Sunday, May 30, but arguably, one factor that makes this project special, is it is the first of a joint venture partnership with Thailand’s BTS Group.
The idea behind this business venture is to create investment opportunities around Bangkok’s upcoming transportation areas. This particular project is within 350 metres of the Mochit-Bang Sue transport hub, as well as being Sansiri’s largest project investment to date at some THB5.6 billion.
Mochit has already had been identified by many property analysts and market-watchers as one of Bangkok’s upcoming transportation hubs, and the location will be known to any Singaporeans who have ever visited the famous weekend market, Chatuchak, which is some 700 metres from the project.
The Central Ladprao shopping mall is one MRT station, while the hip Ari neighbourhood is a mere two BTS stations away.
PropertyGuru had the opportunity to chat candidly with Sansiri’s Chief Executive Officer Apichart Chutrakul and Cobby Leathers, Head of International Marketing, to discuss the company is more detail, as well as why Singaporeans should be looking closely at their latest development.
Overseas buyers become more important
For Sansiri overseas buyers have become an increasingly important market.
Leathers said: “In the past we only sold around 3 percent to foreign buyers, and we are trying to push this towards 10 percent in the coming years.
“We still have to fight to sell overseas. Local know us well and we sell off plan, sometimes in as little as five seconds, but with international buyers understandably they want to know who is Sansiri, the Thai market, legal issues and how to buy. Foreign buyers need a bit more time.”
One issue currently facing some Thailand developers that sold off-plan two or three years and offered small down payments or gimmicks to get signatures is their buyers are now returning units because of their inability to get finance. Sansiri is not facing that issue.
Apichart said: “We did offer some promotions like that in the past, but never in Bangkok. Three years ago prices were around THB70,000 per sqm or so, and now are more than THB100,00 per sqm. If you transfer now you are already in the money so getting finance is easier.”
“Even if we have returned units we can see them easily and at higher prices than when they were originally sold.”
Leathers added: “Speculators do not generally look towards Sansiri because we demand more payment upfront, and that screens serious buyers.”
The Line Jatujak-Mochit is a 43-storey condominium with 841 units ranging from one- to three- bedrooms. It directly faces three parks – Chatuchak, Queen Sirikit and Suan Rot Fai – which are the largest green spaces in Bangkok. It also offers unobstructed views of the capital’s cityscape from all angles.
Buy one in Singapore for the sale price as four in Bangkok
Prices for residential units at The Line Jatujak-Mochit will range from THB4 million upwards.
Although these units will be far from the cheapest you can find in Bangkok, the location and quality will undoubtedly make it a compelling choice for many. At the lower-end it will be significantly cheaper than any private property in Singapore.
Smiling, Apichart said: “I recently suggested to a Singaporean why not buy a house in Thailand and fly back, you will save money. They had no answer because it is true.
Interestingly, Leathers said that selling Thailand and Sansiri has become significantly easier in the past few years.
“We get the Thailand political questions, questions about selling your property, as well about taxation and legal issues. Even two years ago it was a lot more difficult to sell Thailand, but as we conduct more positioning overseas it’s getting easier to sell Thailand.”
As for the final question, who matters more for Sansiri, shareholders or buyers?
“That’s a very hard question. You have to balance them both. Of course, the buyer is king but without buyers, you have unhappy shareholders. They are intertwined,” noted Apichart.
For more information on PropertyGuru’s Thailand Property Show, which takes place this weekend in Singapore, visit http://bit.ly/1Hrxlf9 to register your interest.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
