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Sansiri’s 8-month condo sales top B13 billion, all set to tackle H2/2023

Going full speed with ‘New Luxury Condos’ in super prime locations
More campus condos and affordable condos to anticipate recovery

• In an achievement that bucked the current trend, Sansiri achieved 13 billion baht in condominium sales in the first eight months of this year, or nearly 60 percent of the overall condominium sales target of 22 billion baht for this year. The ready-to-move-in condominiums received excellent response, resulting in the stock dwindling to only 6.3 billion baht’s worth, from 11 billion baht at the beginning of the year, amidst the economic challenges and the country’s prevailing situation in the first half of the year. 
• The Company announced the plan for condominiums in the second half of 2023 to promote “New Luxury Condominiums”, targeting the “Ari” and “Ratchathewi” neighbourhoods, being the most dynamic CBD locations in the heart of Bangkok. These properties are “Via Ari”, a new “rare item” condominium with only 114 units, and locating only 100 metres from BTS Ari Station, and “Shush Ratchathewi” new loft-style condominium with the ceiling height of as tall as 4.5 metres. This property is located only 140 metres from BTS Ratchathewi Station. 
• Also on the agenda is the launch of the “one-of-a-kind” condominium project that is truly unique with its high potential location in the heart of Bangkok – “NIA by Sansiri" is a new ready-to-transfer condominium on Sukhumvit 71 Road, near BTS station and the expressway.  
• Reinforcing the Company’s strength – #SansiriNo.1condobrand– as Sansiri being the market leader in every market segment of condominiums through leveraging the success of campus condominiums, affordable condominium group, condominiums in provincial markets and tourist cities, to support the demand from Thai and foreign customers amidst positive signs of economic and tourism recovery. 

Mr. Ongart Suwannakul, Senior Vice President – High-rise Project Development of Sansiri Public Company Limited (SIRI), revealed that, “The first half of 2023 was a challenging period for Sansiri due to the economy and the overall situation in the country that has not yet fully recovered, exacerbated by mitigating factors including rising interest rates and high household expenses. Sansiri tried to get ahead of the game by creating strategies to cope with the situation and has come out strong. We generated condominium sales of 13 billion baht in the past eight months, or nearly 60 percent of our 22-billion-baht target in condominium sales this year, or an increase of 45 percent compared to the same period of the previous year. The success came from the close of sale at seven condominium projects with a combined value of 13 billion baht. Imminently, sales at three more projects will soon close. These are XT Ekkamai, XT Huaikhwang and Oka HAUS. Where the ready-to-move-in condominium projects are concerned, they have also received excellent responses. This is considered a clear sign of recovery for the condominium market, as the stock at the beginning of the year was worth 11 billion baht, now only 6.3 billion baht’s worth remains. And when combined with the stock of new condominiums that were being transferred as from January to August 2023, the number of units ready for sale will be worth in total 7.3 billion baht as of August. Right after, we are now in the position to fully tackle the market with the sales plan for the second half of the year, to push the stock level of completed ready-for-sale units to 10 billion baht’s worth so that they will be sufficient to earn the revenue, as well as to be prepared for the expected recovery of the economy and the tourism industry.” 

As for the plan for the condominium market for 2H/2023, Sansiri is focused on developing “New Luxury Condominiums”, which are projects located in prime locations that are in great demand, but with minimal existing supply in the CBD areas in the heart of Bangkok, namely, “Ari” and “Ratchathewi”.  The new condominiums will be the “One-of-a-Kind” series projects located on outstanding and high-potential locations in the heart of Bangkok. They are also the continual momentum of the success of campus condo and affordable condo projects. Also, the Company will continue to penetrate markets in the provinces and tourist cities to support the demand of both Thai and foreign customers, while reinforcing the Company’s strength as #SansiriNo.1condobrand – the leader in the condominium business. 

The foray into luxury condominium market with “New Luxury Condominiums” has targeted the “Ari” and “Ratchathewi” neighbourhoods – the best CBD locations in the heart of Bangkok – with two new projects. Sales launch is set for this October for “Via Ari”, a project worth 2.3 billion baht. This marks the return after 11 years of “Via”, the boutique condominium brand of Sansiri and one in the “Aesthetic Collection”. The first high-rise “Via” condominium has been developed as a “rare item” high-rise property in Ari area consisting of only 114 large, pet-friendly units with parking capacity of up to 170 percent in proportion to residential units. The project is located in Ari Soi 1, just 100 metres’ walk to BTS Ari Station, and surrounded by lifestyle venues, fine community and many unique restaurants. It is also close to offices and well-known educational institutions. Not far away is “Shush Ratchathewi” brand-new condominium project valued at 5.2 billion baht. This property consists of almost 100 percent loft-style units with 4.5-metre-high ceiling. It is located only 140 metres from BTS Ratchathewi Station and comes with “A Symphony of Silence” tagline under the “True Sense of Luxury” concept. Therefore, it is only evident that the “Shush” name comes from the “Shhh” – that tells a fitting story of quietude. This project is targeted at college students, medical personnel, as well as senior executives who belong to the new generation with fine status.  

Soon to be launched is one-of-a-kind 1.4 billion baht “NIA by Sansiri” condominium project – outstanding in its high potential location on Sukhumvit 71 Road. This location is simply close to everything – only 200 metres to Chalong Rat Expressway toll plaza, near BTS Phra Khanong Station, with Habito Lifestyle Mall also nearby in the heart of T77 Community, as well as many other amenities with easy and convenient access to Thonglor and Ekkamai roads. 

Sansiri is also continuing the Company’s momentum of success with campus condominiums and the affordable condominium group with the “dCondo” brand to penetrate large-community locations. near universities, close to job sources and where high demand exists for condominiums. Set to launch in 2H/2023 are a total of three projects worth altogether 2.9 billion baht. These include “dCondo Vale Sriracha” near Kasetsart University Sriracha, and only 10 minutes from Robinson Department Store. “dCondo air Lat Krabang”, a joint development between Sansiri and Tokyu Corporation, locating just 10 minutes from Suvarnabhumi Airport; and “dCondo shine Rangsit” near Thammasat University Rangsit Campus. 

Meanwhile, the charge into the provincial and tourist city markets is actively ongoing in response to the recovery of the tourism market and the growth of foreign demand in three locations, one of which is Phuket City. This is in keeping with the trend of Thai tourism that continues to recover, particularly in Phuket Province, which was one of the first provinces to recover quickly. Following the pandemic, tourists from around the world quickly returned to travel again and the real estate market in this island province has been reaping the benefits of the continuous growth. Sansiri is all set to launch “THE BASE Bukit” project worth 1.5 billion baht, located in the heart of Phuket city. Where Hua Hin seaside resort town is concerned, Sansiri is continuing with its success as the condominium market leader for almost 40 years with “Cabanas Hua Hin” project valued at 1.5 billion baht, locating just 300 metres from Hua Hin beach. Sales launch for this Hua Hin condominium is set for the end of the year. The new affordable condominium brand “Vay” has been planned for Ayutthaya Province in response to the needs of people who want to have a fine work-life balance and thus are looking for a condominium with green space and amenities such as fitness centre and swimming pool. Therefore, the “Vay Ayutthaya” project valued at 800 million baht, just 2 minutes to Central Plaza Ayutthaya*, and near Rojana Industrial Estate, is just the perfect place.   

“From the second half of this year until next year, Sansiri is well prepared to continuously develop condominium projects, including luxury condos, campus condos and affordable condo groups, on high potential locations, covering CBD areas, community location, close to educational institutions, near work areas, in Bangkok as well as in tourist cities and the provinces. This is meant to support the recovery of the industry and fulfill the increasing demand from Thai and foreign customers that have benefited from the overall economic growth of the country,” Mr. Ongart concluded.