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Original Article

Siam Piwat Co, the 50-year-old operator of Siam Center, is joining with Charoen Pokphand Group and Magnolia Quality Development Corporation (MQDC) to develop a megaproject worth 35 billion baht on the Chao Phraya River opposite Mandarin Oriental Bangkok Hotel.

Tipaporn Chearavanont (left), CEO of Magnolia Quality Development Corp, shakes hands with Chadatip Chutrakul, CEO of Siam Piwat, for the start of three joint ventures they plan on the Thonburi side of the Chao Phraya, calling it ‘the largest local private commercial development’.

The investment will be spread over three joint ventures, comprising Grand River Place Corp, Grand River Park Corp and Grand River Front Corp.

Siam Piwat Holdings, wholly-owned by Siam Piwat, holds a 50% stake in the three ventures and MQDC and CP Group share 25% each.

MQDC is owned by Tipaporn Chearavanont, the youngest daughter of Dhanin Chearavanont, who is CP Group chairman.

Chadatip Chutrakul, CEO of Siam Piwat, said details of the mix-used project are not finalised but the plan is for a retail plaza and residential condos.

The project’s construction on a 40-rai plot on Charoen Nakorn Road between the Millennium Hilton and The Peninsula Hotel is expected to start early next year and finish in 2015.

Siam Piwat will conduct a market survey with 5,000 people _ both Thais and foreigners who work and stay in a 20-kilometre radius from Charoen Nakorn _ about their expectations for the project. Survey results will be used to create the project concept and design.

The final design will be completed near year-end, after which booking for retail space will be opened.

Funding will come from loans and the joint ventures’ cash flow.

“It’s the largest commercial development ever undertaken by the private sector. When it’s completed, the project will be a new landmark for Bangkok,” said Mrs Chadatip.

“We want to create a physical and emotional landmark, something that can really enhance Bangkok’s status in the region and the world. An iconic landmark on the river can move the city forward like Paris, London and Shanghai,” said Ms Tipaporn, CEO of MQDC.

The project aims to increase tourism and business, and should create 350,000 jobs over the next four years, she said

• Published In Bangkok Post: 28/03/2012 at 02:52 AM
• Newspaper section: Business

Original Article

20% growth targeted after restructuring

The listed developer NC Housing Plc (NCH) targets an annual growth in a range of 20% to 25% and plans to enter the condominium market this year after restructuring its finances by decreasing short-term loans.

Managing director Somchao Tanterdtham said the company recorded higher sales last year which increased its financial liquidity. Debt-to-equity ratio continued dropping to 0.58 time as at the end of 2011 from one time two years ago.

“Our financial status is strong enough to develop condominium project,” he said. “It will be a learning curve for us in the high-rise segment. When the condominium market booms, we will be ready for it.”

Its condominium projects will be valued at 200-500 million baht each, with unit prices of 1-2 million baht.

This year, the condominium investment will be only 10-20% of the total.

In face of rising wages, the company will apply prefabrication construction technology on a larger scale. It will apply the technology to duplex houses at two new projects worth a combined 800 million baht this year, or 10% of all units. Last year, the technology was applied to 10 units.

The move will help speed up construction and revenue booking.

Also in 2012, NCH plans to launch six new projects worth 3.47 billion baht in total. They will comprise four low-rise housing projects and two condominium projects. Around 100-200 million baht will be used to buy new plots of land. Last year, it spent 200 million baht in buying two plots for launches this year.

During the first two months of 2011, NCH had 300 million baht in sales, indicating a recovery since the great floods late last year. “Though many homebuyers still lack confidence and the property market is expected to get sluggish this year, we believe to achieve our annual sales target based on the two-month performance,” he said.

NCH targets 2.7 billion baht in sales this year, up from 2.54 billion baht in 2011. Revenue was projected at 1.7 billion baht from 1.48 billion baht last year, up from 1.19 billion baht in 2010. It had sales backlog of 2.7 billion baht with around 500 million baht realised this year.

The 18-year-old developer yesterday launched a new logo in a 10-million-baht rebranding. The logo’s colours were changed from green and orange to green, grey and black.

“The new logo represents the new segment we plan to tap this year with a monolith column, representing condominiums.”

NCH shares closed yesterday on the Stock Exchange of Thailand at 1.26 baht, up two satang, in total trade of 3.80 million baht.

• Published in Bangkok Post: 29/02/2012 at 02:43 AM
• Newspaper section: Business

Original Article

Despite widespread concern of an oversupply in the condominium market, a property bubble remains impossible, says Suphin Mechuchep, managing director of the property consultant Jones Lang LaSalle Thailand.

“The Thai property market is active, particularly condominiums in inner Bangkok, despite domestic political problems and sluggish Western economies,” she said at the Post Today Investment Expo 2012, which runs until tomorrow at CentralPlaza LardPrao.

“Thai property prices are one-tenth those in Hong Kong and Singapore, while the Thai economy remains strong and people have cash on hand. Property purchases are a way to compete with inflation, especially if its an investment for rent.”

Some 25,000 condominium units were launched last year, which discounts the likelihood of a bubble, said Ms Suphin.

As Japan’s economy suffered last year, some 20,000 to 30,000 Japanese staff were sent back to their home country.

Although the condo rental market slowed, condos in inner Bangkok with good facilities fared well, she said.

Hot locations for property investment included Sukhumvit Road from Sois 1-63, which generated the highest rent. Other favourable locales were Narathiwat, Charoen Kung and Chan roads due to fewer competitors.

The new BTS extension into Bang Na district attracted many developments, although return on investment for a condo unit there was lower than on Sukhumvit Road between Sois Nana and Ekamai, which boasts 3-3.5% return a year.

Condos on Phahon Yothin, Ratchadaphisek and Lat Phrao roads are 60,000 to 95,000 baht a square metre.

The opening of CentralPlaza Grand Rama 9 and development of a new SET building on Rama IX Road makes that area ripe for more condominium growth.

Ms Suphin said last year’s flooding was comparable to the 2004 tsunami that caused a property price decline for a period, but now prices in Phuket have more than doubled their pre-tsunami level.

She acknowledged the government should have a clear flood prevention plan with a quick response to support the market for low-rise properties.

• Published in Bangkok Post: 18/02/2012 at 04:13 AM
• Newspaper section: Business

Original Article

Ban Lae Suan Fair, Dec 17-25, 9.30am-9pm, at Challenger Hall, Impact Muang Thong Thani.

Your house has been underwater for weeks, and still no ideas about renovation?

Then the forthcoming Ban Lae Suan Fair at Challenger Hall, Impact Muang Thong Thani, from Dec 17-25, is an event you can’t afford to miss.

House renovation is one of the highlights of this annual event, which was postponed from earlier this month due to the floods. Visitors can seek free consultation from experts and obtain manuals on how to protect your house from flooding.

The fair will also feature 10 of the best innovative ideas for home owners. The winning blueprint this year demonstrates how owners of detached houses can make money by turning their outer wall into an outdoor media advertising space.

The 10 finalists, mostly green concepts, also feature new gardening ideas including growing plants inside the house to cool down the temperature and conceal eyesores. Or growing flowers beneath a dish drainer so the water is reused to irrigate the flower pot and the area is kept dry.

Also available will be home decor items, designed to fit limited space.

• Published In Bangkok Post: 23/11/2011 at 12:00 AM
• Newspaper section: Life

Original Article

Furniture and home furnishings are expected to flourish next year, as people seek to replace old pieces ruined by the floods, driving the industry to grow by up to 10%, or 60 billion baht.

A customer checks out furniture at a fair held in mid-March this year. WISIT THAMNGERN

The local market is also set to reap the benefits from the government’s first-home tax breaks, said Kasikorn Research Center.

The research house noted the sector would be sluggish this year, particularly in the fourth quarter as floods have affected much of the country.

K-Research forecast the industry would grow by a modest 3-4% to 55 billion baht on weak demand, lower production and delays in distribution channels and logistics.

A number of factories were inundated while key wood supply centres were also affected, slowing production in Pathum Thani, Nonthaburi, Nakhon Pathom, Nakhon Sawan and Ayutthaya.

“However, the impact [of flooding] is just short-term,” said K-Research.

“We expect the market will recover very rapidly within one to three months after the floods recede and people start cleaning and repairing their houses,” the research house affiliated with Kasikornbank wrote.

Given growing demand in the coming year, it suggested operators speed up expanding distribution channels, develop and upgrade product quality and diversity, and use more online purchase and delivery services.

K-Research added the flood may spur demand for more durable, waterproof furniture.

• Published in Bangkok Post: 21/11/2011 at 12:00 AM
• Newspaper section: Business

Original Article

The Treasury Department is preparing to announce an average increase of 20% in land valuations nationwide but it has not yet taken the impact from current flooding into account, says director-general Naris Chaiyasoot.

However, officials suggested the floods may give property developers an opportunity to buy land at lower cost in some areas where owners want to sell because they have faced flooding or fear future flood risk.

As well, general investors will see this as an opportunity to acquire cheap land to sell at a profit in the future.

The department’s new valuations are to be used for a base for calculating land transaction fees Jan 1 next year until the end of 2015. However, flood impacts may lead to some last-minute adjustments.

“The new price adjustments are based on purchase prices over the past three years while the floods have occurred only in the past two months. It’s too early to assess the impact of floods on land prices,” said Dr Naris.

In any case, he said, if the department sees any factor that significantly affects land prices, it can announce new appraisal rates during the new four-year period.

In addition to being used as a base for calculating fees, the department’s valuations are used as median prices by the market.

Land prices in Bangkok, especially in areas along existing and planned rail mass-transit routes, have risen dramatically, in some areas by 50% from the previous valuations.

While prices in prime tourist destinations such as Phuket and Chiang Mai have also risen as expected, Dr Naris said there had also been a surprising increase in the three southernmost provinces that have been plagued by sectarian violence for a decade.

• Published in Bangkok post: 14/11/2011 at 12:00 AM
• Newspaper section: Business

Original Article

With about 150,000 houses from more than 1,000 projects in Greater Bangkok and Ayutthaya damaged by flooding, transfers this year will decline by 20%, says the Real Estate Information Center.

Most of the flood-damaged homes are on Phetkasem Road, Bang Kae, Nakhon Pathom and Samut Sakhon. In older projects, the ground level is often lower than road level and they face deeper floodwaters than newer projects, the REIC said.

Even though condominiums look better than low-rise units amid the floods, that segment has also been affected by a sharp decline in purchasing power and site visits.

The number of new and second-hand unit transfers in the third quarter topped second-quarter totals, reaching 43,500 units on a windfall from the first-time homebuyer campaign initiated by the Abhisit Vejjajiva government.

In light of the floods, the REIC says housing transfers in Greater Bangkok would fall 20% to between 135,000 and 140,000 units this year, from 178,000 last year. Low-rise transfers would fall 28% to 76,000 units and condominiums 15% to 62,000 units.

The value of unit transfers is expected to decrease by 26% to 300 billion baht. The market value for low-rise transfers would fall from 228 billion baht to 169 billion, and condominium transfers from 164.5 billion to 122.5 billion.

• Published in Bangkok Post: 14/11/2011 at 12:00 AM
• Newspaper section: Business

Original Article

Prices of land and other property in flooded areas will drop in the next couple of years, while home purchasing sentiment will take at least six months to return to normal, says the property consultant Colliers International Thailand.

Managing director Patima Jeerapaet said the next two or three years will be a golden opportunity for property developers to buy up land in flooded areas at bargain prices.

However, there may not be any large migrations of residents from the flooded areas, as Thais usually like to stick with familiar locations and will forget about the flooding in the next couple of years, he told a media conference on the post-flood Bangkok real estate market yesterday.

“Homebuyers will wait and see the situation after the floods and delay making a decision. Housing sentiment will resume towards the middle of next year at the earliest. Housing developers will delay launching new projects,” he said.

While new low-rise launches will be postponed, inner-city condominiums, especially near mass transit, will continue to enjoy healthy sales.

After the floods, the protection paradigm will change. Individuals will raise up land levels and erect water barrier fences.

Drainage systems will be improved, water storage tanks installed and electrical sockets moved up. “The popularity of single houses and townhouses will stay the same. But their design may change to that of high-rise developments, with parking on the ground and the living area including the electricity system starting from the second floor,” he aid.

He said an initiative by many condo developers to have fewer parking slots in new residential high-rises should be scrapped, as car parks in such buildings are crucial for keeping residents’ vehicles safe from floodwater.

• Published in Bangkok Post: 15/11/2011 at 12:00 AM
• Newspaper section: Business

Original Article

Developers look to build reputations

The current flood is testing how well developers and property companies take care of customers, which can affect their reputations and influence future customers.

Sopon Pornchokchai, president of the property consultant Agency for Real Estate Affairs, said housing developers should offer good service and financial support to build brand awareness.

“Quick response to problems and other assistance will help housing developers build brand loyalty. This is an efficient word-of-mouth channel to gain new customers,” he said.

Spending money on equipment such as water pumps costs less than advertising and means more to customers, he added.

Mr Sopon said some customers just need encouragement or sympathy.

On the other hand, some developers have been difficult during the ordeal. For some projects that sold out, developers ignored pleas for help or ignored the situation. For other customers, some developers spent too long surveying projects. “This behaviour builds a bad image for developers,” he said.

L.P.N. Development Plc has received plaudits as it mobilised its staff to protect condominiums managed by its subsidiaries. Charan Kesorn, managing director of Lumpini Property Management Co, said the L.P.N. affiliate added staff to take care of as many residents as possible.

One area severely hit by the flood is Pin Klao. As some projects faced high water levels, Lumpini Property provided small boats to bring residents to dry areas and built temporary walkways and bridges. It also bought some food to sell at cost to residents.

“This could not be done without the cooperation of our staff, business partners and all of our co-owners in the projects. We have at least 500 volunteers living in our projects to help protect the properties and take care of other residents,” said Mr Charan.

“Since the company began the ‘livable community’ concept 22 years ago, this flood has been a real test of whether it is concrete.”

He said a condominium was just a building, but more important was the quality of life of the people living in the project. “Quality of life can matter more than price, size or location.”Baan Lumpini townhouses in Bang Bua Thong, Nonthaburi were developed 17 years ago. Marote Vananan, deputy chief officer for commercial service at Asian Property Development, said it had three levels of flood management: monitoring, at risk and emergency.

For monitoring, AP will check for possible leaks and prepare sandbags to protect risky areas, as well as clean out drainage pipes. Some areas will need dykes.

Water pumps will be prepared to drain the water with security guards monitoring the perimeter of buildings. For at-risk areas, engineers will be on alert to maintain pumps.

“In an emergency, if the inner area of a project is flooded, we will evacuate residents as soon as possible. We have a big vehicle ready if the water level is too high for small cars,” he said.

AP also talked with eight hotels in no-risk zones to support its residents in case they cannot find a place to stay. It will subsidise the room rate for a maximum of seven days per unit. Security guards will watch flooded projects to protect residents’ assets.

• Published in Bangkok Post: 14/11/2011 at 12:00 AM
• Newspaper section: Business

Original Article