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Nirvana shrinks project launches, ties with Colliers

Nirvana Development Co has scaled back its plan to launch eight new residential projects this year worth nearly Bt5 billion to only three projects worth Bt3 billion.

Meanwhile, the company yesterday appointed Colliers International Thailand as a strategic business partner for sale of existing stock at seven live project sites and to act as sole agent on Nirvana's first project launch in Pattaya.

Nirvana Beyond @ Beach Pattaya on Na Jomtien Beach, worth Bt300 million, is one of the three new projects this year.

Nirvana chief executive officer Sornsak Somwattana said this marketing move was aimed at increasing sales growth by 30 per cent to Bt2.7 billion this year from 2013 revenue of Bt2 billion and presales of Bt2.4 billion. It currently has 10 live projects, with three new launches scheduled for this year.

Galleries

Nirvana has delivered seven project sales galleries to Colliers, including the one in Pattaya. The rest are in Bangkok. These amount to one-third of the total project value currently held by Nirvana. Colliers as strategic partner will support and promote new ideas and collaborate with Nirvana to help develop the organisation and promote sales.

Simon Landy, executive chairman of Colliers International Thailand, said the company had a network of experienced offices in Bangkok, Hua Hin and Pattaya that would support the sale of Nirvana residential projects in Bangkok and Pattaya.

Colliers is currently employing and training new staff to promote all of Nirvana's projects this year and will also utilise its existing successful research, sales and marketing teams to achieve the sales target, he said.


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