Young developer strikes out on his own
Warut Panupattanapong, 28, is aiming to sell an average of Bt200 million worth of homes per year via his LKH Development Co.The company was established in 2010 with registered capital of Bt30 million to develop its first townhouse project worth Bt28 million at Lat Phrao Soi 71, which sold out and was transferred to customers last year.
Next month, the company will launch a condominium project, The Teak, on Bang Na-Trat Road worth Bt130 million. The project will have only 79 units at a starting price of Bt1.09 million.
Warut, who is managing director of LKH Development, said he decided to set up a firm separate from his family's business, Sinthanee Group, which has developed both retail and residential projects for more than 20 years, because he wanted to join with his friends to develop residential projects by themselves.
These friends include Purich Kulkosa, the company's deputy managing director, and Visawat Sangaroon, assistant managing director.
"However, our family has continued to back up our business by advising us to develop projects by focusing on location," he said.
Although the market is highly competitive among leading developers and medium-sized firms, LKH believes that it can cater to demand by focusing on location and design.
"We will use our small size as a business opportunity and keep a close relationship with our customers to provide both quality homes and after-sale service via property management," he said.
The company plans to develop two new projects worth a total of Bt200 million next year after The Teak opens for sales next month.
One of the two will be a condominium complex and the other a low-rise project, either detached houses or townhouses.
Warut said the company had land in Rangsit and on Bang Na-Trat Road, averaging 3-5 rai (4,800-8,000 square metres) per location. This is enough to accommodate next year's development plans.
The company generated revenue of Bt28 million last year and targets Bt130 million in 2013 after the launch of The Teak, he said.