Published on July 24, 2006 - Affordable apartments promise trendy lifestyle for urban professionals

At a time when many luxury condominium projects are struggling to sign up customers, it is remarkable to find a developer that say it is running out of inventory. More incredibly, a developer that says its full year target has already been surpassed and there's likelihood it may double its projected income. Plus Property Partners is among this handful of builders occupying this enviable position.

For Plus, the strategy is clear: to succeed, it has built affordable and well-located sites, catering mainly to Bangkok's urban workforce.

Its Condo One condominiums, priced between Bt1.2 million and Bt3 million, have obtained strong bookings despite a troubled market as the demand from end-users in the middle segment is still strong.

"We have sold Bt5 billion worth of housing," said Maytha. "The target Plus set for this year is Bt3 billion. We have already achieved that figure."

With five months left to go, Maytha says the firm is running out of homes, both condominiums and town houses.

"At our Citypark town-house site at Senam Bin Nam, we are able to sell about 100 units a month," he said.

Plus has performed well because it has avoided building expensive homes that can't be easily absorbed. It has focussed on making core products for Bangkok's growing middle-income workforce.

"Our condominium-buyers are mostly between 30 and 40 years old, they are salaried employees, and their budgets for homes are usually limited, probably somewhere between Bt1 million and Bt3 million," he said.

"Our town-house buyers have slightly higher budgets from Bt2 million to Bt5 million," he added. "Demand for housing by this segment is real. Regardless of the political tension, high oil price and inflation," he said, "these people will need a roof over their heads."

Most buyers are office employees who want a conveniently-located home to avoid wasting hours commuting in foul, brutal and deadly traffic conditions every day.

"Because these buyers can't afford high prices, we try to produce units that are smaller and less heavy on their pockets and allow them a lifestyle they will enjoy."

Plus' latest condominium designs are called "Condo One X", with the X standing for "extras". Such projects like the Narathiwat Soi 24 estate will have a swimming pool, fitness room, Internet areas and facilities such as laundry rooms.

Plus favours locations close to commuting systems and expressways to allow proximity to workplaces in financial centres such as Sathorn and Silom.

Recording a surge in demand earlier this year, when political wrangling stunted many businesses, Plus is now unafraid to think big.
Whereas it was targeting projects of about 100 to 200 units, it is now looking to build larger communities, each containing between 300 and 500 units.

Because the X branded projects are on a larger scale, Plus will need a longer period to deliver them.

The Narathiwat Soi 24 takes three years to construct. "Six months has to be set aside for the mandatory environmental impact-assessment study alone," he explained.

Itthi C Tan
The Nation