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Bangkok Property Developer, Sansiri Changes Focus to Upper Income Buyers

By on Feb 13, 2015 in Property News, Residential

RESIDENTIAL Bangkok property developer Sansiri has revised its business plan to focus on the middle- and upper-income market due to a decline in purchasing power among lower-income people, President Srettha Thavisin said during an interview with The Nation on Wednesday.

The listed company has also expanded its investment overseas by buying an apartment building in London for GBP15 million (Bt742 million) early this year.

Sansiri plans to launch 17-19 residential projects worth over Bt32 billion this year, with two or three of the projects being low-rise properties such as townhouses and luxury detached housing located in provinces such as Phisanulok, Chiang Mai and elsewhere in the North.

He forecast that while the overall residential market would improve this year, it would witness only single-digit growth because of limited purchasing power as household debt rises, and commercial banks continuing to restrict the approval of mortgage applications. The company will also increase its residential prices by 5 per cent this year, following the rise in land prices, he said.

“Although oil prices have fallen and construction-material prices are being maintained, our land costs are still high following the limited amount of land [available in Bangkok]. As a result, our new residential launches this year will be priced 5 per cent higher than last year’s level,” he added.

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