Singha Estate reaches out to 100 agencies for sale of condo units to foreigners

[webfact]

Singha Estate reaches out to 100 agencies for sale of condo units to foreigners

By THE NATION

 

 

Singha Estate plans to work with over 100 agencies to sell condos to foreigners, aiming to achieve sales of 70 per cent of units by year-end.

 

Natthawut Matthayomchan, chief property development officer at Singha Estate Pcl, said that the impact of the Covid-19 outbreak had greatly reduced the company’s sales which relied heavily on foreign customers. “As foreigners are not yet allowed to enter Thailand, we are planning to invite over 100 property agencies, both big and small, to help sell our condos to foreign customers who are interested in buying condos in Thailand,” he said.

 

“Thailand has proven to be highly efficient in controlling the outbreak, resulting in foreigners interested in our property market more than that of competitors in Hong Kong or China. These are high potential customers who are able to afford luxurious condos worth over Bt10 million per unit,” he added.

 

Natthawut said that the company had recently introduced a new project called "The ESSE Sukhumvit 36", a 43-storey high-rise condo project with 338 units and total value at Bt6.5 billion. “This project is a joint investment with Hong Kong Land Plc and aims to attract foreign investors living in Thailand,” he added.

 

Due to the outbreak the company has also adjusted the ownership transfer target from Bt9 billion to Bt4 billion. “In the first half of 2020 we have achieved over Bt1 billion worth of ownership transfer from our customers, 40 per cent of whom are foreigners,” added Natthawut.

 

As for the trend of new projects next year, Natthawut said that the company would focus on developing horizontal condos at a price lower than Bt100 million per unit to attract new generation buyers who want home-like space in a condo format. “These projects will be under a new brand, as currently we already have a horizontal project under the Santi Buri brand but the units are priced around Bt150 million,” he said.

 

Source: https://www.nationthailand.com/property/30396467

 

-- © Copyright The Nation Thailand 2020-10-22

 

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[ukrules]

Lol, good luck with that - you're going to need it.

 

[RichardColeman]

19 minutes ago, webfact said:

Due to the outbreak the company has also adjusted the ownership transfer target from Bt9 billion to Bt4 billion. “In the first half of 2020 we have achieved over Bt1 billion worth of ownership transfer from our customers, 40 per cent of whom are foreigners,” added Natthawut.

So, this company did 1 billion baht instead of 4.5  and in all likelihood will at best do 2 billion of 9 billion  this year  as the economy is worse than the first half - In my book that's down 80% - condo/housing crisis ? what crisis

[MRToMRT]

Note he never mentioned lowering prices/profit, just more marketing.

 

When I was last in Bangkok earlier this year the market was at a high, I think they now must get used to the idea that those prices will not be achievable in light of the worlds economy and the state it is going to be in for the next few years.

 

I am selling  a unit and the one thing I know is I must now reduce the price (probably significantly) if I am to offload the thing.

[lkv]

31 minutes ago, webfact said:

said that the company would focus on developing horizontal condos at a price lower than Bt100 million per unit to attract new generation buyers who want home-like space in a condo format.

 

Could I possibly buy a few units at under 100 million over the phone? I don't wish to travel to Thailand at the moment, at least until the vegetarian festivals are over, I don't wish to scare the locals.

[ourmanflint]

Thailand has proven itself to be one of the least friendly nations to property owners, so why would anyone with half a brain want to buy a condo in Thailand now?

[steven100]

1 hour ago, webfact said:

to sell condos to foreigners

sounds great .....  what could possibly go wrong    !

[ezzra]

So hang on a minute, from a country and people who doesn't very much like or care for foreignness here comes a Thai person who want to sell hundreds of condos to people they don't like just because it's a good business idea, (as if), bit of hypocrisy here isn't it?...

[Grumpy John]

49 minutes ago, ourmanflint said:

Thailand has proven itself to be one of the least friendly nations to property owners, so why would anyone with half a brain want to buy a condo in Thailand now?

The Chinese will buy they seem to have immunity from many of the problems we Westerners face.   You know there are special rules for Chinese.  One example: If your Chinese and you have lived in Thailand for 50 years without becoming a citizen there is a special visa category so you can travel to China for a visit...and return!

Edited October 21, 2020 by Grumpy John
smelling

[Grumpy John]

11 minutes ago, ezzra said:

So hang on a minute, from a country and people who doesn't very much like or care for foreignness here comes a Thai person who want to sell hundreds of condos to people they don't like just because it's a good business idea, (as if), bit of hypocrisy here isn't it?...

555!  I haven't done any research but I assume this is a subsidiary of the beer giant??? 

[herfiehandbag]

I am no economist or business person, as a cursory examination of my financial affairs would reveal. However, in economic or business circles, is there as word or expression for: deluded, pathetic optimism, and utterly unable to face reality?

[Destiny1990]

Try : Buy one and get one free + a lifetime Visa. Maybe it gets some Condo sales. 

[ChipButty]

1 hour ago, Grumpy John said:

555!  I haven't done any research but I assume this is a subsidiary of the beer giant??? 

I think he's got his Beer glasses on

[GinBoy2]

Best thing me and my wife ever did was selling up our rental condo's in Bangkok back in 2018.

 

I'm not usually good at selling stock at the best time, but with the condo's pretty sure we got out just in time.

 

Even before all the current chaos started we were worried about the over build in Bangkok.

 

We did OK over the years with our rentals, but it certainly wouldn't be an investment I'd get into today

[ThailandRyan]

1 hour ago, herfiehandbag said:

I am no economist or business person, as a cursory examination of my financial affairs would reveal. However, in economic or business circles, is there as word or expression for: deluded, pathetic optimism, and utterly unable to face reality?

Yes it is called insanity 

[RubbaJohnny]

1 hour ago, herfiehandbag said:

I am no economist or business person, as a cursory examination of my financial affairs would reveal. However, in economic or business circles, is there as word or expression for: deluded, pathetic optimism, and utterly unable to face reality?

Married ? Mission statement, HUB? TIT

[RubbaJohnny]

49 minutes ago, ChipButty said:

I think he's got his Beer glasses on

You've spotted teh Chang in the room.

 

There are places that will actually allow visa holders to enter with less hassle.The so called Elite has been a shabby failure owning a condo and not be allowed to live in it.

Of course like many things they will be quite happy if you just send the money and never come a sort of virtual life.

[ChipButty]

There is also a situation were lots of units have not completed the sale were buyers have not paid final payments I guess in that situation the developers take back the unit

[Pattaya Spotter]

4 hours ago, webfact said:

 

“Thailand has proven to be highly efficient in controlling the outbreak, resulting in foreigners interested in our property market more than that of competitors in Hong Kong or China

That's what I've been arguing...Thailand's handling of the virus will make it an even more desirable work and retirement destination after the pandemic passes (as other virus outbreaks are predicted to occur in the future). A bad outcome for the "Thailand is finished" crowd.

[impulse]

Once again, I'm tickled that anyone on here thinks the program is targeted at western foreigners.

 

[heybuz]

41 minutes ago, RubbaJohnny said:

You've spotted teh Chang in the room.

 

There are places that will actually allow visa holders to enter with less hassle.The so called Elite has been a shabby failure owning a condo and not be allowed to live in it.

Of course like many things they will be quite happy if you just send the money and never come a sort of virtual life.

This could be the start of the virtual condo business,for 10million bht you get a 3d video you can enjoy at your leisure never have to clean or visit,win,win.

[Mr Meeseeks]

We are not allowed to even comment on the biggest story happening in Thailand in ten years, perhaps even bigger and more important than 2010 or before...

 

And you want to chuck money at a condo here?

 

[Mr Meeseeks]

23 minutes ago, heybuz said:

This could be the start of the virtual condo business,for 10million bht you get a 3d video you can enjoy at your leisure never have to clean or visit,win,win.

Sort of like being a desperate saddo sitting at home in England, buying girls in Soi 6 Pattaya bars shots so you can have video sex with them later.

[Paul Henry]

Does anyone know what happens if a developer goes bankrupt and a small percentage of units in a block are sold what happens financially to the private owners in the complex?. There are ongoing costs to maintain the block of units this raises further questions?

[meechai]

2 hours ago, GinBoy2 said:

Best thing me and my wife ever did was selling up our rental condo's in Bangkok back in 2018.

 

Same for use we sold our Chiang Mai Condo in 2016 after two years of Junta we had a hunch it was different than the previous ones.

 

We did keep our house in the country though and enjoy staying 3 months or so per year .....But Not this year I guess ????

[ThailandRyan]

21 minutes ago, Mr Meeseeks said:

We are not allowed to even comment on the biggest story happening in Thailand in ten years, perhaps even bigger and more important than 2010 or before...

 

And you want to chuck money at a condo here?

 

They want to sell before the market hits rock bottom, so they can at least make there money back they invested in the project I think.  If the market keeps dropping, down 80% already, god forbid the rich go broke.  Desperation is afoot and there is blood in the water.  Many scared people now.

[meechai]

7 minutes ago, ThailandRyan said:

They want to sell before the market hits rock bottom, so they can at least make there money back they invested in the project I think.  If the market keeps dropping, down 80% already, god forbid the rich go broke.  Desperation is afoot and there is blood in the water.  Many scared people now.

I think they also know as soon as the gates are fully reopened there will be many who come back take their 800k+ out of the bank that they couldn't get to & sell the condo that they couldn't return to either.

 

This lock out has driven home what was always common knowledge but never shown so clearly before this time. For most it is better to have no more in Thailand than your willing to walk away from should the time arrive.

 

Of course those of us with a Thai Family etc will likely always have a house etc but for the many foreign retirees they may now rethink once Thailand reopens

 

Edited October 22, 2020 by meechai

[Orton Rd]

 

4 hours ago, Grumpy John said:

The Chinese will buy they seem to have immunity from many of the problems we Westerners face.   You know there are special rules for Chinese.  One example: If your Chinese and you have lived in Thailand for 50 years without becoming a citizen there is a special visa category so you can travel to China for a visit...and return!

True, even on our remote village several houses are owned by Chinese, one family own 3 houses to rent out and some like these do not even speak Thai. How they get round the law is a mystery, but I know they get around immigration rules with various moves so buying houses should be no obstacle.

[hotchilli]

5 hours ago, webfact said:

Natthawut Matthayomchan, chief property development officer at Singha Estate Pcl, said that the impact of the Covid-19 outbreak had greatly reduced the company’s sales which relied heavily on foreign customers. “As foreigners are not yet allowed to enter Thailand, we are planning to invite over 100 property agencies, both big and small, to help sell our condos to foreign customers who are interested in buying condos in Thailand,” he said.

 

[Misterwhisper]

3 hours ago, Destiny1990 said:

Try : Buy one and get one free + a lifetime Visa. Maybe it gets some Condo sales. 

Plus 12 complimentary crates of Singha or, optionally, Leo, to get that housewarming party kicking. Clever marketing doesn't have to be expensive, you know.