Siamese Asset plans 6 residential properties, targets healthcare and foreigners

Siamese Asset plans to build 6 new residential properties in the Bangkok area for a total cost of more than 11 billion baht, including properties that would provide nursing care for the elderly and rehabilitation clients.

Siamese Taling Chan is one of the new projects the company has envisioned for the healthcare sector in 2022. It would be a combination of apartments, hotels and nursing care facilities for the elderly. Ideally, rehabilitation clients would be transferred from nearby hospitals like Siriraj.

As earnings from real estate sales continue to change considerably, the company will expand into new S-curve businesses with potential growth, which will help it build a steady stream of annual revenue, according to Siamese Asset’s chief executive Kajonsit Singsansern…

“Healthcare and wellness is one of the new businesses we want to branch out into, to boost recurring income during the ups and downs of the real estate industry.”

Notably, the target market is not only homebuyers, the elderly or transferred patients. The company also hopes to attract foreign buyers, such as retirees who are seeking healthcare services from Siriraj Hospital.

Singsansern projects that by 2026 about the about half of the company’s sales will be low rise residences — compared to one third in 2022 — in line with this year’s trend, with most sales in low rise houses in the Rangsit, Ratchaphruek, Pin Klao and Ram Intra areas.

“We will continue using a pricing strategy to compete in the low-rise housing market, just like we applied with condos since our establishment.”

He said that while other developers charge 22,000 baht per square metre for upper-end low-rise houses, Siamese Asset only charges is 18,000 baht per square metre.

“Even though construction costs are rising at this time, we have a cushion to cope with it.”

With the rate of mortgage rejections in the lower-end sector reaching 60%, Siamese Asset is creating a leasing company to supply purchasers with alternate sources of funds.

The company also intends to grow into asset management, citing an abundance of non-performing assets on the market, including for housing loan and small enterprises.

SOURCE: Bangkok Post