The project has a total lettable area of approximately 3,600 square metres and is expected to be completed in this year’s fourth quarter.

Pictured are Pitiphatr Buri, second from right, managing director of Bhiraj Management Co Ltd; Sarocha Buri, right, deputy chief financial officer of Bhiraj Buri Holding Co Ltd; Aliwassa Pathnadabutr, second from left, managing director of CBRE Thailand, and Jariya Thumtrongkitkul, left, associate director and head of retail advisory and transaction services for CBRE Thailand.

He added that three firms, CPN, BEM, and Ch Kranchang, who is major shareholder of BEM, had bought the terms of reference (TOR) from SRT between April 9 and May7. “I believe that two groups will bid to develop the 32 rai slated for the commercial area,” he said.

Under the terms of the TOR, the development must be a mixed-use project combining retail, hotel and office accommodation.

The contract to develop this project will fall under the public-private partnership act and follow the build-operate-transfer or BOT concept, meaning that the private firm has to design the project, raise the capital to develop it and manage the project once built. The contract will cover 34 years: the first four years for construction and the remaining 30 to manage the project, after which it will be transferred to SRT, he said.

“CPN has long experience in developing commercial areas while BEM is interested in diversifying its business. We believe that the both firms will join the bidding today,” Worawut said.

SRT expects this project will be completed in 2021, around the same time as Bang Sue Grand Station commences operations.

SRT has already started the building of Bang Sue Grand Station and also has a master plan to develop 2,325 rai as a smart city complex featuring commercial buildings, a sports complex, an international exhibition centre and residential estates. The project has an estimated investment value of Bt150 billion. Property firms have been developing residential and commercial projects around this location since 2017.

According to a survey by property agency Knight Frank (Thailand), at the end of the first quarter of 2018, 32,000 condominium units had been launched in the Bang Sue-Tao Poon area with a total value of some Bt100 billion. Up to 95 per cent of this stock has been sold.

In a recent interview with The Nation, Knight Frank (Thailand)’s managing director Phanom Kanjanathiemthao said that condominium prices around Bang Sue had increased from an average of Bt95,000 per square metre in 2017 to Bt112,500 in the first quarter of this year, a rise of 18.42 per cent. Land prices were also significantly higher, going from an average of Bt250,000 per square wah five years ago to Bt450,000 at the end of 2017 – a rise of 80 per cent.

“If the Bang Sue Grand Station project proceeds in line with the master plan, we believe that this will drive strong demand for residential properties in this location,” Phanom said. “However, the government also has to develop a road system to link with the rail system. This is the way to drive Bang Sue to become a new CBD for Bangkok.”

According to a survey by The Nation, 11 developers are launching 17 projects worth a total of Bt47.18 billion between 2015 and the final quarter of this year. Of the 13,819 units, many have been sold and transferred to buyers while others will be handed over between 2019 and 2020. Some developers have reported sales of over 70 per cent of their respective project’s value.

Pruksa Real Estate’s chief executive officer/premium market Prasert Taedullayasatit said the company had launched condominium projects around the Bang Sue-Bang Pho interchange to take advantage of the government’s policy for Bang Sue.

“We expect strong demand from home-buyers for residential units in Bang Sue, Bang Pho and Tao Poon due to their proximity to the mass transit routes and workplaces,” he said, adding that all units in the company’s condominiums have been sold.

According to the master plan to develop Bang Sue Grand Station, the commercial area is the first phase of a project and will cover 32 rai.

The second phase on the remainder of the land will include a centre to serve the meetings, incentives, conferences and exhibition (MICE) sector, a sports complex, and retail, office and residential projects around the station and will be developed from 2024 to 2029. Under the third phase, more housing projects will be built from 2029 to 2031. The master plan was drafted by Thailand’s Transport Ministry and its Japanese adviser.

Under the plan, Bang Sue Grand Station will become a new central business district (CBD) in Bangkok, alongside the Sukhumvit and Silom areas. The station will be a key link in Bangkok’s mass transit system. It will serve existing rail systems such as BTS Skytrain, the MRT, and the Airport Rail Link as well as the 10 new rail systems to come and three high speed routes: Bangkok-Nong Kai, Bangkok-Chiang Mai, and the high speed service linking the Suvanabhumi, Don Muang, and U-Tapao international airports.

The project has seven zones that cover 2,325 rai around Bang Sue district. Zone A covers 32 rai for a Smart Business Complex that will open for private sector bidding this year for its development.

Zone B will be devoted to the Asean Commercial Business Hub, incorporating retail and office space. Zone C will see the development of the MICE Super Arena and Exhibition and the sport complex. Zone D covers the Chatuchak park and Chatuchak Weekend Market on 83 rai. Zone E will be for public and state agency offices, while Zone F will host a shopping mall and Zone G will be a residential area covering 360 rai.

Assada Kaeokhiao, president of the Whizdom brand, identifies Whizdom’s main target as the new generation interested in lifestyle innovations and a learning and sharing society. “For this reason, we are continuing to develop the lifestyle of the new generation,” he said, adding that Whizdom already has 2 brand ambassadors, Urassaya “Yaya” Sperbund and Prin “Mark” Suparat, who both represent the innovative new-generation lifestyle.

“Since the beginning of the year, MQDC has spent more than Bt40 million setting up the Whizdom Club to be a multifunction space as part of the Whizdom Society. It is not just co-working space but a space to create a learning society and meet the needs of the new generation’s lifestyle. It has been in service since February, with an average of 4,000-5,000 users each month. It has been open 24 hours a day since the beginning of July,” added Krissayuth Chavavitayatham, vice president of Whizdom Society by MQDC. “We also have activities organised for Whizdom members and the general public that will help develop skills and give inspiration in various areas throughout the year to enhance the quality of life, security, and health of residents to live a quality life full of happiness every day. In the first half of the year, Whizdom Club has hosted 20 activities for which over 1,000 people have registered.

“MQDC will continue to build a learning and sharing society that will support the new generation in the world stage. In the near future, MQDC plans to launch additional Whizdom Club overseas, starting with India.”

Naphat says he’s delighted to have been selected as Brand Ambassador. “I accepted the position because the brand has a clear objective: to be a representative of the new generation. I want to inspire and encourage the new generation in creating useful things and this made me recognise that both Whizdom and I had the same purpose in supporting social change, starting from the Whizdom Club, which will inspire and empower the new generation,” he said.

“Whizdom Society by MQDC continuously creatdes activities to support the sharing and learning society, such as the Bright Start Breakfast, which provides free breakfasts to all Whizdom residents. The initiative reflects our understanding of the behavior of the new generation, who have to rush in the morning to study or work, with no time to eat breakfast. And the Whizdom Scholarship project now supports a new scholarship model, which provides grants to students along with accommodation in Whizdom condominiums. A new activity I will have the opportunity to join is Re-forest, which helps restore forest at Khao E-to in Prachin Buri Province, working alongside people from various organisations. I believe these activities will help the new generation develop, with both good actions and inspiration in creating new things for our society and the world,” Nine said.

Meanwhile, the Origin subsidiary Primo Service Solution is planning to meet with the DWG worldwide sales agent network to deliver after-sales services to foreign customers.

Real estate service firm DWG (Thailand) will be Origin’s sales representative for the overseas market.

DWG Thailand will promote Origin Property’s projects in at least 10 countries – Hong Kong, Taiwan, Singapore, Malaysia, Myanmar, the United Kingdom, France, China, Japan and the United Arab Emirates (Dubai). It will soon announce further details to international media.

To promote the projects overseas is part of the developer’s strategies to achieve sales projections of Bt28 billion this year, Peerapong said.

Denka Wee, the group chief executive for DWG, said DWG Thailand will sell the projects under two main brands, PARK ORIGIN and The Origin, in 10 countries. It focus on presenting the separate brands and making both of them well-recognised rather than selling the projects. With this strategy, Origin Property can grow as “inter brand” in the long run.

“The property market in many countries remains overpriced, so people in those countries look for opportunities to buy the assets overseas, either for living in after retirement or for investment,” said Denka. “Thailand is the attractive destination for foreign buyers in several segments. Meanwhile, both of the condominium brands of Origin Property are in strategic locations and provide a high standard of design, function and facilities that satisfy both local and foreign buyers.”

The market of foreigners buying Thailand’s property was estimated at around Bt92 billion in 2018, with expectations of expanding to Bt100 billion in 2019.

Thana Torsahakul, the chief executive officer of Primo Service Solution Co Ltd, a total property service solutions company and a subsidiary of Origin, noted the company had signed an agreement to take charge of three after-sales services for all foreign customers of DWG Thailand. The services are resale and leasing, decoration, and cleaning. It next will meet DWG Thailand’s sales agents in Thailand and overseas to present its high standard of after-sales services to DWG’s foreign customers who property in Thailand.

DWG, or Dennis Wee Group, is the leading real estate service provider in Singapore. It was established in 1993 on the island state as Dennis Wee Realty before being renamed as DWG in 2008. It boasts a network in more than 10 countries and is managing about 15 projects globally worth over Bt9 billion.

Origin Property has operated a wide range of business. Their residential development business has developed 58 projects under the brands of PARK ORIGIN, The Origin, KnightsBridge, Notting Hill, Kensington and Britania, worth over Bt94 billion. Their recurring income business includes hotels, service apartments and retail. The  service business includes property management, property brokerage and property consultancy.

The company has continuously expanded into new businesses to serve its vision of being a fully-integrated property developer.

The company also has 12 residential projects covering single detached houses, townhouses and condominiums worth up to Bt2.6 billion for sale in this location, the company’s managing director Wongsakorn Prasitwipat said recently.

He added that the demand in this location received a boost last year thanks to the upgrading and/or addition of such facilities as the airport link, motorways, new luxury outlets, shopping centres, hotels, hospitals, and educational institutes, making the area popular with buyers

Residential property starts from Bt1.5 million per unit for condominium to Bt50 million per unit for a single detached house, he said.

The low-rise condominium project, covering 3 rai (0.48 hectares), comprises two eight-storey buildings, which will be divided into 420 units. The room types range from 24.5 to 30.1 square metre one-bedroom units to 34.7sqm one-bedroom-plus units.

All rooms are fully furnished and air-conditioned, and residents can enjoy facilities such as a separate clubhouse, swimming pool, co-working space and a gym with a boxing zone that caters to the health-conscious young generation.

The lobbies of the two buildings are separate, ensuring safety with a double gate, key card and CCTVs. The project’s environmental impact assessment has already been approved.

Thanakorn Thanawarith, the company’s CEO, said All Inspire decided to jump in and invest now that the construction of the MRT Yellow Line has already started. He believes the occupation rate will be 90 to 95 per cent, with 65 being homeowners and 25 per cent tenants. He also expects the gross rental yield for this area to be highly attractive at 6 per cent per year.

With the Lat Phrao-Sutthisan neighbourhood already surrounded by numerous facilities, the area is perfect for young professionals. According to surveys, young people – especially entrepreneurs, freelancers and those working in the creative sector – require flexible timings, financial freedom and work-life balance. Hence, this demographic tends to buy homes that are not far from the main road, close to the Skytrain and metro and have complete facilities such as a gym and swimming pool.

Low-rise condominiums in this neighbourhood are going at an average price of Bt75,000 per square metre, which is affordable for the working-age group. Most people in this group fall in the “double income, no kids” (Dinks) demographic, who prefer to live as a single family in a good environment that is affordable. The average income for this demographic is between Bt25,000 and Bt50,000 per month, with the added ability to jointly apply for home loans, which allows financial institutions to grant loans easily.

Thanakorn said research shows that the property market in this location is bound to grow slightly this year.

The launches put 55,596 units on the market, with a total value of Bt221.5 billion, up 18.6 per cent and 15.4 per cent, respectively, from the year-earlier period.

Up to 211 of the new projects in the first half are residential, including condominiums, single detached houses, and townhouse. The other eight projects are for commercial buildings, the research said.

The average residential price was Bt3.96 million per unit, up 1 per cent from the end of last year, the research said.

AP (Thailand) Plc led the way on the first-half launches with 5,135 units worth Bt27.27 billion, followed by Pruksa Real Estate Plc with 3,755 units worth Bt13.66 billion, and Supalai Plc with 1,983 units worth Bt18.73 billion.

The inventory of townhouses on June 30, 2019, was 61,541 units, down 2.7 per cent from the end of last year.

Meanwhile, the inventory of single detached houses on June 30 was 61,541 units, down 2.5 per cent from the end of 2018.

Condominiums recorded a total inventory of 88,788 units at the end of June 2019, falling 8.5 per cent from the end of year 2018.

In view of the market in the first half of this year, AREA forecasts the property market this year will drop 16 per cent compared with last year, when demand had slumped.

The company’s director, Pongpipat Kanjanasupat, said that the project guarantees a return on investment of 5 per cent a year for the first five years for those customers that buy and put their units up for rental management by Best Western Plus.

The building will have eight storeys with 532 units. Construction will start this year and the first phase is expected to be completed in 2020, with the following phase in 2021.

The company has so far sold units accounting for up to 50 per cent of the total project value, Pongpipat said.

The company hopes that the estate, which aims to attract the interest of the people planning for their retirement, will serve as a model in Thailand for quality elderly care with integrated health and hospital facilities.

Positioned as an “Integrated Senior Care Solution & Community’, phase 1 (3Ha) of Jin Wellbeing County comprises the first five Jin Residence low-rise buildings with 494 units. These come in different sizes, namely one-bedroom units (43-46sqm usable area) and one-bedroom-with-multipurpose-room units (63-66sqm). They are designed to meet the elderly’s lifestyle needs and equipped with indoor facilities (a swimming pool, a recreation room), outdoor facilities (treadmills, a lake, wheelchair-accessible pathways, vegetable gardening areas and outdoor activity areas), a tracking system and a 24-hour emergency unit.

The Second is Thonburi Burana Hospital (51 beds), Thailand’s first hospital dedicated to comprehensive eldercare. Expected to open late in the third quarter, it is designed to provide preventive and rehabilitative wellness and fitness solutions, 24-hour inpatient and outpatient services, step-down care and care for the elderly patients with brain diseases and neurological, cardiovascular, bone, joint and muscle diseases and disorders. The elderly patients will be given Assisted Living care, including safe care, partial care and step-down care, at Jin Residence building, as well as high care, step-down care for those still requiring treatment and care at Thonburi Burana Hospital.

Third is Jin Wellness Institute, which provides the healthcare solutions that focus on wellness promotion and sustainable improvement to the residents and to the public (subject to fee payment), using natural, alternative and conventional medicines to develop preventive- and regenerative-medicine programmes and activities. It is expected to open in the fourth quarter of this year.

He added that many countries including Thailand, South Korea, Singapore, China, Japan, United States, and European countries have become aging societies – with the citizens who are at least 60 years old representing more than 10 per cent. Thailand is expected to become a super-aged society – with the citizens who are at least 65 years old representing more than 20 per cent of the population and becoming more likely to suffer from dementia – which raise the demand for the residential units that offer integrated healthcare solutions and apply modern nutrition and physical exercise techniques and facilities to residents.

“THG expects Thailand to become a super-aged society over the next decade and that the situation will drive the demand for residential complexes with integrated healthcare solutions,” said managing director.

As of July 18, 146 units had been sold, 83 of which have been transferred. THG seeks to increase the number of transferred units to 200 by the end of this year.

Prices for condos in the project start from Bt125,000 per square metre. Of the 154 units, one-bedroom units have usable space ranging from 28 to 51 square metres, and two-bedroom units come with usable space of 56 square metres.

“Our target customers are domestic and foreign investors who want to buy condominiums for living in and also for investment, as average rental prices are between Bt14,000 and Bt18,000 per month for the one-bedroom type, and between Bt25,000 and Bt36,000 per month for the two-bedroom type. The average return on investment is up to 7 per cent a year,” the company’s managing director Torsak Lertsrisakulrat said on Wednesday.

The company has appointed Plus Property Co Ltd as its sole agent. Units accounting for 85 per cent of the total project value have been sold since bookings opened on July 20.

The project is located in Sukhumvit Soi 52, near a BTS skytrain station, and is sited on one rai. The building is designed in a U-shape and has eight storeys. Facilities include a lobby area, co-working space, fitness equipment and a swimming pool.