Unit sales of the completed project will be booked to the company’s revenue from June 1 to the end of the third quarter this year, he said.

The project has 44 units, ranging from 100 square wahs to 238 square wahs.

“We have witnessed strong demand for luxury single detached houses and have launched this new project to meet market demand market,” said Ditawat Issara, assistant managing director /business development.

The projects combine office space and residential units, the company’s chief executive officer Opas Sripayak said yesterday.

Lumpini Park Vibhawadi-Jatujak will open for bookings on June 9, at starting price Bt2.49 million per unit, he said.

With 461 units at a starting price of Bt1.59 million, it will be open for bookings on June 8-10, said Somkiat Hongsuppinyo, the company’s executive vice president, yesterday.

The demand for residential projects in Had Yai remains strong, he added.

The chief business group officer-condominium, Vitttakarn Chandavimol, said that AI powered the building information modelling (BIM) system that the company had begun to apply.

“We started to use artificial intelligence-backed BIM for single detached houses and townhouses last year and that success led us to create new design to match with our customers’ demands and the differentiated demands that they have,” Vitttakarn said in a press conference late on Thursday. “We then started to apply this system to help build our condominium projects this year.”

He said that BIM covered all of the company’s business processes, including design and visualisation, scheduling, cost controls, energy analysis, and facility management. This enables the company to design smart residential properties at a time when the industry faces high competition in the market.

By following this system, the company can make designs for a range of residential properties types, from the mass market to unique designs that address all the different demands of customers. Many homebuyers were also needing more space to accommodate up to three generations under one roof, Vitttakarn said

The firm’s chief business group officer-low rise, Pamon Prasertsan, said: “We designed the space for our single detached houses and townhouses to serve the needs of three generations. This helped drive our sales in the first five months of this year (to May 27) for single detached houses and townhouses to Bt8.56 billion, representing growth in the double digits from the same period of last year.”

Vittakarn said presales for its condominiums reached Bt6.08 billion for the same period, also marking double-digit growth from the same period of 2017. “We started to use BIM for condominiums, covering both construction and facility management system,” he said. “We also created an intelligence application and other smart services that cover the securities system, home services, and smart lifestyles and the like. This marks a change from previously being merely a property developer to a company that meets all the needs of our customers when they buy our residences.”

Vittakarn said that BIM would also help the company to manage its supply chain and improve cost controls at a later stage. This technology will change the company’s business process over the long term, he said.

Combined, presales from condominiums and single detached houses and townhouses in the first five months of this year were Bt14.64 billion, about 44 per cent of the company’s total presales target of Bt33.5 billion for this year.

The company reported total revenue of Bt6.5 billion in the first quarter of this year, or 23 per cent of its total revenue target of Bt28.13 billion for 2018. It posted net profit of Bt809.3 million in the first quarter, jumping 47.46 per cent from the same period of last year, Vittakarn said.

For the first five months of this year, the company launched eight projects worth Bt10.37 billion. The company plans to launch 35 residential projects worth Bt54.38 billion for the rest of this year. Of the total, 15 projects will be single detached house projects worth Bt18.6 billion and 17 projects will be townhouses worth Bt15.38 billion. The remaining three projects will be condominiums developed by its joint venture firm with Japanese partner Mitsubishi Jisho Residence, a subsidiary of Mitsubishi Estate Group, Vittakarn said.

“We revised our schedule for new launches from 34 projects worth Bt49 billion to 43 projects worth Bt64.75 billion this year when we saw the strong demand for single detached houses and townhouses in the first quarter of this year,” Vittakarn said.

“As a result we sped up our launch schedule for single detached houses and townhouses throughout the rest of this year. “

Vittakarn and Pamon said that up to 80 per cent of its customers are from the domestic market, and the remaining 20 per cent are from overseas – mainly from mainland China, Hong Kong, Japan, and Taiwan.

“The proportion of our customers from overseas has risen from less than 5 per cent, thanks to our Japanese partner and the rising demand from foreign buyers – especially from China,” Vittakarn said. “We will do roadshows overseas for our three new condominium projects.”

They are The Address Siam-Ratchathewi worth Bt8.3 billion, Life Ladprao Valley worth Bt6.4 billion, and Life Asoke Hype valued at Bt5.7 billion, Vittakarn said.

The chief business group officer-condominium, Vitttakarn Chandavimol, said that AI powered the building information modelling (BIM) system that the company had begun to apply.

“We started to use artificial intelligence-backed BIM for single detached houses and townhouses last year and that success led us to create new design to match with our customers’ demands and the differentiated demands that they have,” Vitttakarn said in a press conference late on Thursday. “We then started to apply this system to help build our condominium projects this year.”

He said that BIM covered all of the company’s business processes, including design and visualisation, scheduling, cost controls, energy analysis, and facility management. This enables the company to design smart residential properties at a time when the industry faces high competition in the market.

By following this system, the company can make designs for a range of residential properties types, from the mass market to unique designs that address all the different demands of customers. Many homebuyers were also needing more space to accommodate up to three generations under one roof, Vitttakarn said

The firm’s chief business group officer-low rise, Pamon Prasertsan, said: “We designed the space for our single detached houses and townhouses to serve the needs of three generations. This helped drive our sales in the first five months of this year (to May 27) for single detached houses and townhouses to Bt8.56 billion, representing growth in the double digits from the same period of last year.”

Vittakarn said presales for its condominiums reached Bt6.08 billion for the same period, also marking double-digit growth from the same period of 2017. “We started to use BIM for condominiums, covering both construction and facility management system,” he said. “We also created an intelligence application and other smart services that cover the securities system, home services, and smart lifestyles and the like. This marks a change from previously being merely a property developer to a company that meets all the needs of our customers when they buy our residences.”

Vittakarn said that BIM would also help the company to manage its supply chain and improve cost controls at a later stage. This technology will change the company’s business process over the long term, he said.

Combined, presales from condominiums and single detached houses and townhouses in the first five months of this year were Bt14.64 billion, about 44 per cent of the company’s total presales target of Bt33.5 billion for this year.

The company reported total revenue of Bt6.5 billion in the first quarter of this year, or 23 per cent of its total revenue target of Bt28.13 billion for 2018. It posted net profit of Bt809.3 million in the first quarter, jumping 47.46 per cent from the same period of last year, Vittakarn said.

For the first five months of this year, the company launched eight projects worth Bt10.37 billion. The company plans to launch 35 residential projects worth Bt54.38 billion for the rest of this year. Of the total, 15 projects will be single detached house projects worth Bt18.6 billion and 17 projects will be townhouses worth Bt15.38 billion. The remaining three projects will be condominiums developed by its joint venture firm with Japanese partner Mitsubishi Jisho Residence, a subsidiary of Mitsubishi Estate Group, Vittakarn said.

“We revised our schedule for new launches from 34 projects worth Bt49 billion to 43 projects worth Bt64.75 billion this year when we saw the strong demand for single detached houses and townhouses in the first quarter of this year,” Vittakarn said.

“As a result we sped up our launch schedule for single detached houses and townhouses throughout the rest of this year. “

Vittakarn and Pamon said that up to 80 per cent of its customers are from the domestic market, and the remaining 20 per cent are from overseas – mainly from mainland China, Hong Kong, Japan, and Taiwan.

“The proportion of our customers from overseas has risen from less than 5 per cent, thanks to our Japanese partner and the rising demand from foreign buyers – especially from China,” Vittakarn said. “We will do roadshows overseas for our three new condominium projects.”

They are The Address Siam-Ratchathewi worth Bt8.3 billion, Life Ladprao Valley worth Bt6.4 billion, and Life Asoke Hype valued at Bt5.7 billion, Vittakarn said.

Average rents for Grade A buildings in the CBD were just under Bt1,000 per square metre per month and a new record of Bt1,500 was achieved at Gaysorn Tower, CBRE reported.

The total take-up was 65,000 square metres in Q1, up 15.1 per cent YoY, led by the completion and owner occupation of the new Bank of Ayudhya Building (Krungsri Ploenchit Tower) on Ploenchit Road and Thai Rath’s new building on Viphavadi Road.

The overall vacancy rate fell to 7.3 per cent and is expected to remain low for the next three to four years.

Around 750,000 square metres of office space is under construction, including the first phases of One Bangkok and The Parq, both on Rama IV Road, with completion dates between now and the end of 2022.

CBRE forecasts that demand will match supply for the next three years.

The direction of the market from 2022 onwards is harder to predict. There are potentially around two million square metres of office space being planned on sites acquired by developers, but construction has not yet started.

“Globally, there is a trend for some companies choosing to acquire office space as a service from co-working space operators rather than commit to lease and incur a capital expense in fitting out,” said Roongrat Veeraparkkaroon, director of advisory and transaction services at CBRE Thailand.

“Co-working space is not just aimed at startups, and co-working space operators will be competing with landlords offering offices on traditional lease terms.”

Despite this disruptive change in the leasing market, CBRE forecasts the net take-up in 2018 will be similar to that of 2017.

Some of the key new office developments that will be completed in 2018 are the 60,000sqm Singha Complex at the Asoke-Phetchaburi intersection, the 40,000sqm MS Siam at the Rama III-Industrial Ring Road intersection, the 22,000sqm T1 Building at Thonglor BTS station, the 6,000sqm Ladprao Hill at Lat Phrao MRT station, and the 5,000sqm Summer Hub at Prakhanong BTS station.