To succeed in real-estate development today - amid tough competition and higher construction costs - you need branding, says Metro Star managing director Ratanachai Phatinavin.

"Given the choice of buying from a well-known builder or from an unknown name, most buyers will stick to the known quantity," he adds.

Metro Star's big expansion earlier this year is based on the company's becoming relatively well known as a seasoned player in mid-end condominium development. Since starting in the market in 2001, when inner-city condominiums staged a rapid recovery, Ratanachai has been busy building up the company's name with a portfolio of respectable projects in sois Sala Daeng, Suan Phlu, St Louis and Sathorn Road.

"Now, as the investment climate softens, it becomes more important than ever to establish a strong reputation. What we like to project is that we offer value at a good price," he says.

Metro Star's two mega-sites are branded "Metro Avenue" projects.

The first is a 600-unit residential estate on Sukhumvit 66, followed by a 1,500-unit site on Rachayothin.

The outer Sukhumvit project is valued at about Bt1.5 billion, while the Rachayothin development is expected to be worth Bt4 billion.

While both locations have high traffic congestion, they will have proximity to new BTS Skytrain stations.

With its 32-square-metre studios starting from about Bt1.5 million, Ratanachai says the units are targeting urban workers with incomes of about Bt20,000-Bt30,000 a month.

But buyers will receive value, as the projects both offer amenities such as a swimming pool, fitness centres, plenty of trees and gardens and other common facilities that not all large mid-income estates are providing.

"Under the condominium law, the developer does not have to provide a swimming pool. Unlike housing estates, condominium projects need not set aside 5 per cent of their land area for common facilities."

"But under the Environment Impact Assessment regulations today, condominium developers of big projects do have to at least construct a certain amount of green areas," he says. In addition, builders now have to provide adequate open grounds and avoid squeezing residents into tight spots, which can be extremely unhealthy.

Ratanachai says Metro Star has abided by the EIA rules and the two Avenue sites should be among the more environmentally friendly estates in areas which have never been known to be generous in terms of green spaces or healthy living.

Show units for the Avenue projects are available at its old sales office along Soi Sala Daeng.

"We had originally wanted to build a showroom with mock-up units at Sukhumvit 66, but the chronic traffic at all hours of the day makes it almost useless as few buyers would want to travel there and risk being trapped by bad traffic, which is caused by the construction of the BTS line to Samrong.

"We have a studio and one-bedroom unit on display at our downtown centre. The price of the units includes air-conditioners and a kitchen," he adds.

Itthi C Tan

The Nation