Thailand developer Sansiri to focus on low-end, affordable apartments in 2022

Sansiri says it will put lower-end apartments on the market a month before they are finished, and will collaborate with banks to secure the transfer of units with reduced mortgage loan rejections.

The approach can assist the company in achieving sales and transfers in lower-end sectors with greater mortgage rejection rates than others, according to the assistant executive vice-president for the project development department.

“All of our lower-end condo projects will be pre-built or be launched for sale one month before construction is finished… If customers are ready to book but are not ready to get a unit transfer, our cooperative banks will come to help.”

Before reserving a unit, consumers can also provide a financial statement to secure pre-approval. This strategy can assist them in assessing their own lending abilities and obtaining an improvement for any issues with the report.

Sansiri’s partners will provided advice and guidance on the credit line, loan payment, lending contract, interest rates and statement improvement.

In 2022, Sansiri plans to unveil 18 new condominium projects costing a combined 11 billion baht. They expect 14 billion baht in presales in 2022, a 26% increase compared to 11.1 billion baht last year.

They also expect a total transfer amount of 13 billion baht, down from 14.2 billion baht last year, which was already 10% above their target amount.

12 of the 18 new apartments will have units costing less than 2 million baht; 4 will be in provinces including Hat Yai, Khon Kaen, Chiang Mai, Hua Hin, which has seen a domestic tourism comeback this year.

Sansiri further says it plans to develop new apartment projects for a total of 70 billion baht between 2022 and 2024, with a target of 58 billion baht in 3-year presales.

SOURCE: Bangkok Post