Sansiri sees fivefold increase in sales from Singapore in 1H2017

By Angela Teo

/ EdgeProp |

September 8, 2017 12:24 PM SGT

Units at 98 Wireless are priced from about $2.7 million

Thailand’s listed property developer Sansiri Public Co has launched eight condominium projects so far this year, and plans to launch four more before year-end. According to the developer, in 1H2017, demand from Singapore buyers increased fivefold compared with the same period a year ago.

The jump in sales from Singapore buyers was attributed to Sansiri’s recent condo launches, which were priced “at the sweet spot of US$120,000 [$162,257] to US$350,000”, says Sansiri president Sretta Thavisin.

Thavisin: The sweet spot for Singapore buyers is in the range of US$120,000 [$162,257] to US$350,000

Top-selling projects in Singapore in 1H2017 included the 778-unit The LINE Sukhumvit 101, which comprises one- and two-bedroom units, as well as duplexes with one or two bedrooms. Units at the development were transacted at an average price of $250,000 in 1H2017. The LINE Sukhumvit 101 is slated to be completed in 2020.

The LINE Sukhumvit 101 is one of the projects under The LINE series, developed in a joint venture with BTS Group. These projects are located within 500m of a BTS or MRT station. The maiden project under The LINE series was in Chatuchak; it was sold out within two days of its global launch, and was popular among Singapore buyers, given its proximity to the famous Chatuchak market, says Cobby Leathers, Sansiri’s head of international business.

The LINE Sukhumvit 101 was the top-performing Sansiri project in the Singapore market for 1H2017

Another best-selling project under The LINE Series was the 981-unit The LINE Phadon-Pradipat, which previewed in November 2016. The project is located near the Saphan Khwai BTS station in Bangkok’s Phayathai district. Units in the development were sold at an average price of $250,000 in 1H2017.

Another top-performing Sansiri project in Singapore was The LINE Phadon-Pradipat, located just minutes away from the Saphan Khwai BTS station

Given the heightened demand from Singapore buyers, Sansiri is co-hosting a Thai lifestyle event at the Royal Thai Embassy called “The Finest Thai” from Sept 8 to 10 to showcase the developer’s projects as well as Thailand’s cuisine, fashion and lifestyle.

Sansiri opened its first international office in Singapore in March this year at Ocean Financial Centre. Earlier in 2017, an “agents’ conference” was held in Singapore to familiarise them with Sansiri’s projects. Nearly 100 agents from various property agencies attended the event.

Sansiri is also showcasing its condo project Taka Haus in Ekamai at “The Finest Thai” event in Singapore, with the global launch scheduled for Sept 16. The low-rise project comprising less than 300 units is a joint venture with Japanese conglomerate Tokyu Corp.

The upcoming Taka Haus in Ekamai is part of Sansiri’s pipeline of four projects in Bangkok scheduled for launch before end-2017. The other upcoming developments are in Sukhumvit and Sathorn, which are traditionally popular with international buyers, including Singaporeans.

Sansiri is also planning an exclusive roadshow for its ultra-luxury project 98 Wireless at Bangkok’s Embassy Row. The 77-unit development was completed in March and as at end-August, 60% of the units had been sold. Prices start from $2.7 million for a two-bedroom unit. The project is said to be “the first Ralph Lauren-furnished residence in Southeast Asia”.

Sansiri is projecting international sales to contribute $336 million in revenue in FY2017, compared with $211.2 million last year. In 1H2017, the three biggest foreign buyers of Sansiri’s projects in Thailand were from Hong Kong (39%), China (32%) and Singapore (18%).

According to Leathers, Thailand remains attractive to international buyers as it has not imposed any stamp duties.