By concentrating on lower- and middle-end buyers, companies such as Supalai, Asian Property Development and Plus Property Partners recently showed they have clearly outperformed a rather subdued market.

"Sales this year will most likely exceed last year's Bt7.3 billion in sales," said Supalai's deputy managing director Atip Bijanond. "Results are helped by three newly completed condominium projects as they are transferring title deeds to owners later this year.

"Oriental Place on Sathorn, Premiere Place on Asoke and the first 400 units at City Home Ratchadaphisek will bring in about Bt3.5 billion in realised income," he said. The three projects are completely sold.

Windfalls for condominiums come when units are transferred as banks take up financing for mortgages, squaring off the balance with developers.

Atip - also chairman of the Thai Condominium Association, which has more than 300 members - said the weakest sector was high-end products as a glut of expensive units and poor marketing strategies have led to dire outcomes for many players.

Even major firm Land & Houses earlier last month said it was adjusting its earnings forecast this year to flat or zero growth. Some Singapore ventures, such as The Met by HPL Property, City Development's Millennium residences and Fraser's The Pano, are limiting their exposure.

Local builders such as Krisna Group, Metrostar and Golden Land have also scaled back campaigns.

HPL's marketing consultant here said the company did not expect much local demand and was concentrating its efforts overseas. It believes foreigners are less nervous about Thailand than locals and have higher rates of affordability.

Supalai's strategy is the complete opposite. "Our buyers are mainly Thais," said Atip. Supalai's pricing is often at least 25 per cent cheaper than that of sites by international firms.

 "It would not be fair to blame just bad market conditions for a company's lousy results. Supalai has sold units amid tough conditions because we listen to what the market needs.

"We build where there's demand, and demand is strongest in the Bt1 million to Bt5 million range," he said.

Likewise, Plus Property Partners ranks among the top winners by selling already Bt5 billion worth of condominiums and town houses when many rivals twiddle thumbs and toes.

Plus CEO Maytha Chanchamcharat said the developer specifically targeted younger buyers between 25 and 40. "They are urban professionals and office workers who want a city home. Our projects offer a lifestyle that suits their needs. They want easy commuting as they are sick of traffic jams and they require convenience and comforts at a price they can afford."

Asian Property Development is another winner, providing homes in the Bt3 million to Bt5 million range.

"This is the most vibrant segment of the market," said chief executive officer Anuphong Assavabhokin. "We focus on this segment because quite clearly, they are the main market. We are careful not to build homes people cannot afford," he said, citing the fact that middle-class buyers are mostly salaried workers and, with current conditions of higher mortgage rates and inflation, the desire to splurge quickly goes out the window.

 "Thais in the city are getting married later, and many prefer to live on their own. A city condominium fits their needs," he added. "We see this shift of home-buyers who are single and/or have smaller families, that is, fewer children."

While small may be good for most builders today, there are luxury apartment developers that have managed to secure steady sales throughout the tough past eight months.

Hemaraj Land & Development CEO David Nardone, who is behind the Park Chidlom project, said 82 per cent of the units were booked and the firm is expecting to transfer the units later this year. About Bt4.6 billion worth of its units have been sold.

Raimon Land CEO Nigel Cornick said the firm had used the current period to boost its land bank with prime plots to develop over the next four or five years.

The company has stocks worth Bt24 billion to sell in the coming years, he said.

Itthi C Tan

The Nation