Unfazed by unrest, foreigners boost Fragrant condo sales
February 07, 2014 00:00 By The Nation
The weakening of the baht has made decision-making easier for foreign customers looking to buy a home in Thailand, James Duan, chief executive of property developer Fragrant Group, said yesterday.
“Many parties may take the view that the prolonged political problems and the state of emergency will alarm foreigners, or violence will multiply, so foreigners will choose to postpone their investments, or take their investment funds out of Thailand.
“But at Fragrant, we have seen the opposite effect, thanks to the steadily weakening value of the baht that has made purchasing decisions easier for some customers. Foreign investors have bolstered and stabilised the company’s sales,” he said.
The political situation has not dented the company’s performance, because its main customer base consists of foreigners. For its last project, the company was able to sell out its foreign quota. Sales are averaging eight to 10 units a week.
The weakening baht automatically lowers the price of condos. Some customers pay in cash, as they view believe this is a very economically opportune time. The company plans to launch a project next quarter – a plan that has not changed in any way.
New developments encompass new innovations in residential living that is modern and environmentally sound, which has made condominiums under the “Circle” brand a trusted name in the market for many local and foreign buyers.
He said foreign buyers were especially interested in the eco-friendly quality of the firm’s condos, as this is the norm in many foreign countries. In Thailand, this is just the beginning of this eco-friendly type of development, and it is still rare to find such green condos.
Circle Living Prototype is the first condo project in Thailand to use solar cells to power the common areas, with the capacity of producing 60 kilowatts a day, like turning on 1,000 television sets simultaneously, he said.