Thai developer Thanasiri Group to launch four new projects in 2023

Construction News

Thai developer Thanasiri Group to launch four new projects in 2023

Projects to be worth 3.3 billion baht

Mid-sized developer Thanasiri Group Plc is to launch four new projects this year worth 3.3 billion baht, aiming for 1.8 billion baht in presales with more than a third coming from joint ventures with Japanese partner Anabuki.

Chief executive Sutthirak Sateanraphap-a-yut said the new launches would be the largest in its history, and three times higher than the usual annual launch of 1 billion baht.

“We are currently in a good position and will continue with gradual growth,” he said. “The key driver is the Japanese partner that co-invested in three projects with us. One third of our performance during the past two years was from the joint ventures.”

Last year, Thanasiri achieved a record high in presales and revenue at 1.42 billion baht and 1 billion baht, growing 20% and 89%, respectively, compared to 2021.

This year it expects to earn 1.8 billion baht in presales and 1.3 billion baht in revenue, with 30-40% of each coming from the joint ventures.

One of the new projects being launched this year will be a joint venture with Anabuki — Thana Village Bang Na-Bang Bo, which comprises 348 townhouses and duplex houses priced at an average of 2.9 million baht. It will be located on a 38-rai plot in Bang Bo, Samut Prakan.

“Anabuki can help us promote and boost sales of this project as it has Japanese partners whose offices are located in Bang Bo. The target buyers will be their employees,” said Mr Sutthirak.

Thanasiri is also exploring an opportunity to create a joint venture in a condo project with Anabuki, as the Japanese real estate group has experience and is interested in developing condo projects in Thailand.

Its potential scale will be a low-rise project on 1-2 rai with one or two towers featuring 100-200 units, as it wants to close the project in a short period of time to avoid risks.

Unit prices will be around 1-2 million baht each to tap real demand.

The company is studying land plots in locations within one kilometre from mass transit stations.

The land deal will be finalised by the end of this year so the project can be launched in 2024.

Thanasiri also has a land plot spanning over 100 rai, with an estimated value of 800 million baht, close to the Phuket FantaSea Theme Park, which the group has held for over 30 years.

“Several partners talked to us about a joint venture in Phuket, but we do not have any plans for short-term development,” said Mr Sutthirak.