Thai mass-market developer switches to the luxury segment

Construction News
Don Muang area
Don Muang area

The company repositions itself to focus on catering to a market that is still in high demand

In a bid to tap into a more profitable segment of the local property market, Chewathai Public Co, the Thai arm of Singapore-listed developer TEE Land, will shift its focus on the high-end and luxury sectors, The Straits Times first reported.

The company, which previously catered to the mass-market and mid-tier segments completing six projects to date, is preparing to launch later this year its first luxury development, Chewarom Residence, located near Don Muang International Airport, with prices ranging from THB5 million (USD143,000) to THB8 million (USD228,000).

According to the report, the company will also build upscale landed homes as the affordable and mid-range segments continue to struggle.

“We hope to launch luxury projects in the central business district in Bangkok, as well as more landed property, to balance out our entire portfolio, which is all condos now,” Chewathai managing director Boon Choon Kiat told The Straits Times.

The will also be launching its first luxury condominium, Chewathai Petchkasem 27 due to be completed in 2018, targetting a September date. Thailand and Singapore buyers will be the first priority, while a sales launch for the Chinese market is being considered for Hong Kong and Taiwanese investors.