With plans for six projects worth a total of THB14 billion in the works, SC Asset believes things are looking up for Bangkok’s property market. Local media reported that the developer intends to launch two new brands for detached houses along with two condominiums during the coming months.
The company is launching one more project than they had actually planned to. Original plans called for SC Asset to launch 10 projects in 2016 but the company’s chief executive officer Nuttaphong Kunakornwong told media that the developer will launch a total of three condo projects as well as eight detached-housing complexes this year.
Two new brands will also be unveiled in the detached-housing segment. The Gentry Sukhumvit will be located on Sukhumvit 101 and consist of three-story luxury houses. Headquarters will be the second brand launched by SC Assest during the next few months. This project is a five-story residential project situated in Ekkamai-Ramintra.
Nuttaphong explained that two of the other housing launches will be under the Grand Bangkok Boulevard brand. In addition to this, two condos are set to be launched by SC Asset. The 88 Chidlom is worth THB8 billion and contains 400 upscale units in this prime CBD area. Chambers Cher Ramintra is the other condo project scheduled for a 2016 launch.
Not only is private investment in Thailand on the rise, the country’s housing debt index has improved. Housing debt growth slowed to less than five percent of GDP and the ratio of housing debt to GDP reached its lowest figure in nearly three years. According to Nuttaphong, this means buyers now have more capacity to apply for home loans and this should benefit the real estate sector as a whole.
The developer is confident it will reach its yearly revenue target and it was noted that the company has already exceeded its gross income estimates for 2016 by 50 percent. SC Asset believes it will earn THB15 billion this year and hopes to earn as much as THB20 billion by 2020.
