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Sansiri looking to build in luxury market

As new low-rise supply in the mid- to high-priced market is very limited, the listed developer Sansiri Plc (SIRI) will launch three-storey single houses priced over 10 million baht and four-storey townhouses priced 19 million baht this quarter.

Manu Trakulwattanakit, the developer’s executive vice-president for project management & product development, said the single houses would be developed under the Narasiri brand, which hasn’t had a launch in three years.

The project is on a 15-rai site on Soi Yothin Pattana in Bung Kum district, 300 metres from presumed new prime minister Yingluck Shinawatra’s house. It will comprise 60 units with plot sizes starting from 60 square wah and usable area starting at 270 sq metres, with a launch in September.

“Though three storeys may make the house look bulky, our design team made the units look bright and airy with a resort theme exterior,” said Mr Manu.

Property consultant Agency for Real Estate Affairs (AREA) said the number of new single house units priced above 10 million baht launched in the first six months of 2011 accounted for 4.4% or 505 units of the total of 11,413 units.

New townhouse units priced higher than 10 million baht accounted for 1.9% of the total new townhouse supply in the period, making up 257 units from a total of 13,845. All were priced between 5-10 million baht.

This weekend it will launch 10 units of Residence Sukhumvit 65, a luxury four-storey townhouse project worth 170 million baht. The Sukhumvit Soi 65 project will be SIRI’s first luxury townhouse offering.

During the first seven months of the year, SIRI had sales of 2.63 billion baht from seven townhouse projects, up from 1.74 billion baht in the same period last year.

SIRI plans to launch 23 new projects worth a combined 30 billion baht, comprising eight single house projects worth 10 billion baht, four townhouse projects worth 3 billion baht and 11 condo projects worth 17 billion baht.

In the first seven months of the year, it started seven projects: three single house projects, two townhouse projects and two condominium projects. The company recorded total sales of 12 billion baht in the first six months of 2011, up from 9 billion in the same period last year.

SIRI shares closed yesterday on the Stock Exchange of Thailand at 5.50 baht, up 10 satang, in total sale of 69.5 million baht.

Source: Bangkok Post


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