[Special Scoop] Last year, the government launched Thailand 4.0, a nationwide plan that will transform the country’s traditional economy into a value-added one. The goal can be achieved by refocusing on innovative products rather than traditional commodities, providing high-value service, and changing all activities from being industry-driven to being driven by technology, innovation, and creativity.
The current trend in Thailand’s real estate market resonates well with the government’s ambition. Some developers have reorganised to become Property Technology companies this year or created units designed to serve this function. These Property Technology companies come up with new innovations and technologies that lift up the living experience of residents meeting the demand of a new generation of consumers. The prominent developer to have done this are Sansiri, Ananda Development, and Origin Property. The strategies of these companies are as follows:
Sansiri
Sansiri and SCB join hands to launch SIRI VENTURE
Sansiri joined hands with Siam Commercial Bank to launch SIRI VENTURE, a capital venture with THB 100 million registered capital. The capital venture focuses on full-scale research and development of Property Technology. SIRI VENTURE will open up opportunities for startups to develop innovations for home living and lifestyle and more than 300 startups are expected to be in the business team by 2020. Sansiri also has Home Service, a mobile application launched in 2012, which facilitates customers’ home maintenance requests and also offers online shopping and home automation.
Ananda Development
HaupCar delivery upon request on mobile application
Ananda has also created a presence in the digital field by establishing Ananda UrbanTech, a reorganized unit designed to come up with a wide range of new technologies including Smart Home functions to help Ananda reach its mission of providing Urban Living Solutions. To support this, the company partnered with Digital Venture, an SCB subsidiary. The new company will team up with various startups who will create their new ideas at a working space created by HUBBA, a leading co-working company. Ananda also has HaupCar, a campaign that delivers a personal vehicle for residents at their doorstep upon request. The request can be made via their smartphone.
Origin Property
Mr. Peerapong Jaroon-Ek (centre), Origin Property’s CEO
Another developer joining the Property Technology bandwagon is Origin Property who has repositioned itself to be “Your Digital Butler”. The company will provide butler-style service applied with digital technology to accomplish this. “The company will focus on strong after-sales service and innovations for the year 2017,” says Peerapong Jaroon-Ek, Origin Property’s CEO. Similar to Sansiri and Ananda, the company will also provide a mobile application, “Origin Digital Butler.” Furthermore, the company has cooperated with Bangkok Smart Card System to introduce “Origin Family Club Card,” which can be used to access both condos and Skytrains, while collecting points that can be redeemed for goods and services.
Overall, Thailand real estate is moving towards a technology-driven market, which resonates well with the government’s scheme to reposition Thailand as a value-added economy. There are more developers who are following the trend to keep up with the market, while those who don’t catch up could easily find themselves in decline.
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