Thai developer Sena Development resumes condo spree with partner Japanese developer Hankyu Hanshin Properties
SET-listed developer Sena Development is planning to launch 26 new residential projects worth a combined 24 billion baht, with more than 85% joint ventures with Japanese developer Hankyu Hanshin Properties.
Kessara Thanyalakpark, managing director of Sena, said presales and revenue this year will set new record highs of 18.2 billion baht and 16.5 billion baht, respectively, up from 12.8 billion and 10 billion last year.
“The negative factors this year could be similar to last year, including an economic recession, inflation, higher prices of goods and rising interest rates despite flat income,” she said.
With the support of its Japanese partner, Sena will continue to launch a large number of projects, with a higher projected sales value this year than in 2021, said Ms Kessara.
Last year the company launched 11 projects valued at 8.9 billion baht.
Sena and Hankyu have produced joint ventures for eight years, with total development of 45 projects of low-rise houses and condos in Greater Bangkok worth around 70 billion baht.
The new projects this year comprise 17 condo sites worth 16.5 billion baht and nine low-rise housing projects worth 7.5 billion baht.
Of the total, 22 are joint venture projects with Hankyu worth a combined 22.3 billion baht.
“We set an investment budget of 9 billion baht in 2023 to expand residential development, which is our core business, in addition to new businesses that are not residential development,” she said.
The new businesses comprise smart living solutions through a partnership with IT firm NEC Corporation (Thailand) Ltd, financial services, property brokerage for sale and rent, and property management.
There is also a secondhand home business, Sena Sure, through a partnership with Bangkok Commercial Asset Management Plc and Sukhumvit Asset Management Co.
“We will open warehouses in two zones — in Bang Na and Bang Phli in Samut Prakan, and Wang Noi in Ayutthaya — as warehouses is a growth business,” said Ms Kessara.