SET-listed All Inspire Development Plc is confident in the growth of the foreign buyer market, setting up an overseas sales team to tap at least seven countries with a presales target of 10 billion baht in the next five years.
Chief executive Thanakorn Thanawarith said Chinese buyers will make a comeback in the tourism and property sectors in the fourth quarter of this year and into the first quarter of 2020, despite the stronger baht.
"Chinese are the largest source of tourist arrivals in Hong Kong," he said. "Many of them may shift to travel to Thailand instead. Tourism growth will also spur foreign demand in the condo market."
Earlier this month the company recorded more than 100 million baht in condo sales to buyers from Hong Kong, compared with normal sales of 10-20 million baht per month to such buyers.
The units sold to buyers from Hong Kong are at the 5-billion-baht Impression Ekkamai condo project, All Inspire's joint venture with two Japanese firms, Kyushu Railway and Hoosiers Holdings.
He said off-plan condo units acquired by Chinese buyers a few years ago and transferred this year remain healthy despite the softening yuan relative to the baht.
Chinese property buyers have not refused to get units transferred after making down payments as high as 30% of the unit price, as they viewed the option as not worth dumping the down payment money, Mr Thanakorn said.
All Inspire set up a management team under a subsidiary, Thai D Real Estate Co, to aggressively market and sell condo units to overseas buyers. The company has branches in Shanghai and Taipei.
The overseas sales team will tap buyers in the US, the Mideast, Europe, China, Japan, Hong Kong, Taiwan, Macau, Singapore and Malaysia.
Founded three years ago, Thai D Real Estate has sold more than 5,000 condo units at 58 projects worth a combined 18 billion baht, developed by All Inspire and others.
Of the total, 34 projects recorded a full foreign quota.
All Inspire last year recorded 577 million baht in revenue from foreign buyers, accounting for 29% of total revenue, up from 136 million baht and 21% in 2017.
ALL shares closed on Wednesday on the Stock Exchange of Thailand at 4.20 baht, up four satang, in trade worth 4.1 million baht.