Atcharaporn Siripraiwan, managing director of Rasa Property Development, has drawn the line as to where enough is enough. She's happy to lean over for 70 per cent and take 30 per cent as a buffer in case something unexpected causes her to fall.

"We're a small company. We want to grow but it must come with reason. When we reach where we have aimed, that's enough. If our capacity tells us that we can take a certain bite, we take it and won't get greedy for more," she says.

Rasa, a small firm with Bt400 million in registered capital, listed on the Stock Exchange of Thailand on April 12 in a move to emphasise brand awareness.

In the past, Rasa's marketing went directly to its niche market. The listing is expected to confirm the company's transparency and make its brand more recognisable.

Rasa, founded in 1995, managed to survive the Asian economic crisis. The key was to find genuine demand and tailor-make the product.

"Every business has a cycle. But we can survive if our product meets real demand at a certain place and time. We don't do mass products. Each of our projects is unique," Atcharaporn says.

"We look at the norms. Most people change homes up to three times in their lives - when they leave their parents, when they get married and when they expand their family. People get married every day. Business is expanding. These are the basic facts. Then, we do the maths to create a product that suits their lifestyles at an affordable price. One more clue to attract customers is the price. It must be in a range not offered by other developers in the same area."

The company is well aware of the dangers from over-leveraging and won't take risks to expand its projects if it means debt overwhelms equity.

One of its key successes in avoiding the loan trap is to abstain from building up a land bank.

"If we want to develop a project in area A, we'll buy land in area A and start construction. Some may say that by this method the company may have to buy land at a high price. Thinking about it in reverse, buying land and doing nothing with it, it means that you incur a high carrying cost, including interest [if you borrow], maintenance and others. Sometimes, it costs way too much," she says.

Beyond the know-what-the-customer-wants, Rasa respects its employees and treats them fairly.

"The company is not about me. We are family here. There's a lot of good people dedicating their efforts to driving Rasa to where we are today. So the company must grow strongly and return something back to the employees, as they deserve it. Everybody is important. If I'm not here, the company must be able to carry on."

Atcharaporn's approach of sufficiency, optimism and consideration for others is without a doubt driven by her personality. She used to work around the clock without taking a day off. But she's learned that too much of something is not good.

Now, she visits work sites regularly to tune in her ideas with what's really happening out there.

"Property development is about brain and energy. You have to use both. I visit the work sites to see the progress in construction and whether there's any problem. It's a chance for the real working guys at the sites to do the talking," she says.

Her spare time is devoted to yoga, meditation and drawing. Recently, she joined the National Defence College of Thailand. Every week she has the chance to go on a field trip to train.

It's an opportunity to learn about others and understand people more. These trips have inspired her to propose one of her masterpieces. After conducting research, she's hit on the idea of encouraging all civil servants to get their own home before retirement.

"When they feel secure and appreciate that the government is partly helping them to finally have their own home, they'll do their hardest to work for the government. They don't need to struggle to find the money to pay for rent and can save that money to do something else," she says.

Atcharaporn initiated the idea, but will anybody pick it up and do something? Time will tell.

Piyarat Setthasiriphaiboon

The Nation