Developer Tri Property, a developer of residential projects aimed towards the younger generation, plans to launch two new condominium projects this year worth THB1 billion, and aims to list on the Stock Exchange of Thailand within the next five years.
From its success in establishing the Proud condominium brand in Chaengwattana, with Proud Chaengwattana and Proud X2 projects, Tri Property has spread to the lucrative resort island of Phuket, where it has introduced three condominium projects under the brand ZCAPE.
The five projects in Bangkok and Phuket are worth a combined THB2.3 billion.
Tri Property’s Chief Executive Officer Adisorn Vivakanond, said: “Last year, we realised THB220 million revenue while we target to realise THB500 million this year.
“We estimate a backlog of around THB800-1,000 billion to be recognised as revenue in 2016,” he added.
Tri Property plans to continue launching at least one r two new projects each year, and will soon unveil details of a new low-rise condominium project in Chaengwattana. The company has already accumulated several plots of land, while it is also eyeing several locations for future projects.
In the long term, Tri Property aims to develop more various styles of residential projects to serve the real demand of home buyers, and targets to boost combined project values to THB10 billion.
Chaiwat Tantiwiwat, Chief Financial Officer and Managing Director, said data from property research houses reflected slower market condition in the first half of this year.
However, more positive signals for the property sector are in sight, such as interest rate cuts by the Bank of Thailand and clearer progress in the government’s megaprojects, especially on key infrastructure and mass transit projects in Bangkok, he said.
The property market along the mass transit routes tends to be livelier in the latter half of this year, while banks are standing ready to finance quality projects of developers with solid track record, he added.
“Tri Property has revamped internal strategies, especially in brand building and its organisational direction to facilitate future expansion, which will cover both high-rise and low-rise residential projects. The company also boosted competencies of its staffs through effective organisation administration and training,” Chaiwat said.
He added that Tri Property’s slogan, In Style Inspired, is to reflect the company’s character as a developer that designs and develops its products with creativity and an eye for detail that will create well-balanced products that allow residents to live happily in a simple and pleasurable environment.
Such simplicity, yet full of inspirational character, will become unique identity that distinguishes products of Tri Property from the rest in the market, he concluded.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
