Thanasiri Group, a mid-sized Thai real estate developer, is set to launch four new projects worth 3.3 billion baht in 2023, with the aim of generating 1.8 billion baht in presales and over a third of the total expected to come from joint ventures with Japanese partner Anabuki. This marks a tripling of the value of its launches for the upcoming year.
This is the latest announcement involving a Japanese investor in Thailand, a key trend identified by CBRE in their recent analysis of the Thai market.
According to Chief Executive Sutthirak Sateanraphapayut, the new launches will be the largest in the company’s history and three times higher than the typical annual launch of 1 billion baht.
Last year, Thanasiri recorded its highest-ever presales and revenue of 1.42 billion baht and 1 billion baht, respectively, with 20% growth in presales and 89% growth in revenue compared to 2021. This year, the company is targeting 1.8 billion baht in presales and 1.3 billion baht in revenue, with 30-40% of each expected to come from joint ventures with Anabuki.
One of the new projects being launched this year will be Thana Village Bang Na-Bang Bo, a joint venture with Anabuki that will include 348 townhouses and duplex houses priced at an average of 2.9 million baht. The project will be located in Bang Bo, Samut Prakan and is expected to benefit from the Japanese partner’s promotion efforts and connection to Japanese offices in the area.
Thanasiri is also considering a joint venture with Anabuki for a low-rise condominium project, which is expected to feature 100-200 units and be priced around 1-2 million baht each. The company is currently evaluating land plots within one kilometer from mass transit stations and aims to finalize the land deal by the end of 2023 to launch the project in 2024.
In addition to its new projects, Thanasiri has a 100-rai land plot worth an estimated 800 million baht near the Phuket FantaSea Theme Park, which the company has held for over 30 years. However, the company has no plans for short-term development in Phuket and is currently only exploring joint venture opportunities.
With its ambitious plans for upcoming year, Thanasiri Group is poised for substantial growth. As the Thai real estate market realizes expected growth in 2023, Thanasiri is solidifying its position as a growing player in the industry.
Source: Bangkok Post
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