Two years ago, Anand Singjirakul abruptly changed his line of business. He got out of fabric exporting and became a property developer. Yesterday, he launched his third condominium project, and he is looking forward to revenues of about Bt300 million next year.

"We had to suspend our fabric-for-export business in 2005, when cheap fabrics from China made their way into the global market. China's products were priced 30 to 40 per cent lower than ours. As a result, we shifted to the property business," he said.

Anand established Samirano Property at the end of 2005, with registered capital of Bt11 million, after suspending his fabric business, Textela. The company plans to increase its registered capital from Bt11 million to Bt110 million in the first half of this year.

At its height, his former business generated sales averaging Bt400 million a year until it was forced to compete with China.

Samirano Property's first project was a serviced-apartment development called The Alcove Residential, in Soi Thonglor 23.

It cost Bt110 million, has 20 units and began operating last month with a 50-per-cent occupancy rate.

The second project was a condominium called The Alcove Sukhumvit 49. Costing Bt230 million, it will be finished and ready for transfer to customers at the end of this year.

 It recorded presales of 38 units, or 80 per cent of the project.

With the initial success of Samirano Property's first two projects, the company yesterday launched another condominium project called The Alcove Thonglor 10, with a value of Bt700 million.

Anand said demand for condominiums in the Sukhumvit Road area continued to grow.

Research by property agent Nexus Property Consultants showed there were 50 condominium projects last year on Sukhumvit Road from Soi Asoke to Soi 70, offering a total of 7,000 units.

Of these, 87 per cent have been sold, leaving Sukhumvit Road with only 910 units on offer despite continuing strong demand.

For this reason, Samirano Property is confident that it is launching its latest project in the right location, Anand said.

Construction will start on The Alcove Thonglor 10 in this year's second half and is expected to be completed in April 2009.

Anand said the company expects total revenues of Bt20 million this year from its serviced-apartment business. This is expected to grow to Bt300 million next year after transferring its first condominium project, The Alcove Sukhumvit 49, to buyers in next year's first quarter.

Apisit Limlomwongse, managing director of Nexus Property Consultants, the sales agent for The Alcove Thonglor 10, said the project would be introduced at the Home Buyer's Guide Fair 2007, at Impact Muang Thong Thani, which starts this Friday.

Somluck Srimalee

The Nation