Heading Major Development's three new condominium properties is managing director Dr Suriya Poolvoralaks.

The high-rise sites, two in Sukhumvit and one in Rachayothin, have a combined worth of Bt5.3 billion, said Suriya, who took up the post in June.

"One of the most important tasks is to gauge market sentiment in order to forge an effective plan for our sales," said the 31-year-old executive who, along with his father Chamroen, elder brother Suriyon and elder sister Petralada, runs one of the country's best-known high-end residential building companies.

Suriya, who obtained his doctorate in economics from the University of Southern California in Los Angeles, said the market was experiencing interesting times.

The September 19 coup that deposed the Thaksin government led to a marked improvement in confidence among buyers and investors.

He said the peaceful overthrow of a regime that bought its way into power was generally viewed as a positive outcome by both the business sector and the populace, ending a bitter divide that sent the economic future of the country into limbo for a year.

As normalcy returns, Major has unveiled its middle-class condominiums, using the "Wind" brand. After holding out for much of the year, Major is pushing ahead with sales at its new sites.

The first Wind is being built on a 2-rai plot on Sukhumvit 23 and the second on Rachayothin Road.

The project will have a single tower containing 220 units over 22 floors. The Rachayothin site will also be a single 37-storey tower, with 390 units.

 The two projects were launched shortly after the company unveiled its luxury condominium on Sukhumvit 22. Called the Aguston, it will have two towers, housing 387 apartments with prices starting from Bt4 million.

Suriya spent several years in the US after finishing his undergraduate studies at Chulalongkorn University.

One of his main focus while completing his thesis was to analyse the financial restructuring programme of the Thai economy in the wake of the 1997 market crash that sent property firms into a tailspin.

"The scale and magnitude of the 1997 downturn won't be repeated anytime soon," he said. "After the crash, local financial institutions became much more careful and stringent in their lending practices."

While another crash today is certainly possible, he warned, the damage would be more limited if it happened. Of course, sound policies and capable leadership must prevail during these testing times to avoid another disaster.

Overall, Suriya is optimistic, with a cautious restraint. "The local banking sector is stronger today than it was in 1997," he said.

"That gives the market a floor."

At the same time the fundamentals in the Thai property market have not changed, in that demand for new homes among the country's expanding middle-class remains healthy.

"Local buying should stay strong, especially among the middle segment," he said. "To succeed, builders must build units the market can absorb, with good locations and reasonably good design and construction."

At Major, he said, the projects were the result of much collaboration and consultation among the top executives. Under the current administration, Suriya said he does not expect to see a big burst of growth, nor does he see a hard landing.

 "The situation favours slow but steady growth, as time is needed for healing," he said. "The path chosen by the new government is probably the most sensible way to go."

Itthi C Tan

The Nation